Venezuela Signs Energy Deals with BP and Eni

Acting President Delcy Rodríguez of Venezuela signed memorandums of understanding with British Petroleum and Eni this week at the Miraflores Presidential Palace in Caracas, signaling a push to revive the country's energy sector through foreign partnerships.

On Wednesday, Rodríguez finalized an agreement with BP focused on developing the Cocuina-Manakin offshore natural gas field, which straddles the maritime border with Trinidad and Tobago and holds an estimated 1 trillion cubic feet of gas. The deal, split roughly evenly between the two nations, also opens exploration in the nearby Loran field on Venezuela's Deltana Platform, a largely untapped gas reserve. BP representatives, including Trinidad and Tobago Director David Campbell and Executive Vice President William Lin for gas and low-carbon energy, attended the ceremony. Lin announced plans to open a permanent BP office in Caracas.

"This return of BP to Venezuela is a clear sign of the future we want to chart for Venezuela and for international energy relations," Rodríguez said during the live broadcast. "May we have cooperation grounded in a win-win approach and shared benefits."

The previous day, Rodríguez hosted Eni CEO...