chemXplore tracks 2 projects in Venezuela, of which 2 are active.
Of the active ones, 1 new construction and 1 expansion.
Creates a locally anchored platform combining global EPC expertise with local market knowledge to execute energy, petrochemical and industrial projects in Venezuela.
Plans include renewable hydrogen, a renewable-fuel plant, pumped hydro expansion and a circular methanol facility; extends customer fuel discounts and launches a new €950m buyback.
Framework to supply technologies and services across Venezuela's oil chain as the country seeks to raise output and modernize infrastructure, with focus on heavy and extra-heavy crude.
Proforma gearing at a historic low of 9% and adjusted CFFO lifted to €16.5bn; underlying E&P output +7% to 1.83 mln boe/d. Strategic deals include Junin 5 relaunch and asset monetisations.
Specialist squads assess discovered oil and gas resources to prioritise the highest‑value opportunities for development and partnership.
Exclusive operatorship granted for Junín-5 oil field; transition from JV under new hydrocarbon law; field holds 35 billion barrels in place and produces about 12,000 bpd.
Updated JV terms and added Orinoco acreage underpin plans to invest $7bn+, more than double output to ~600,000 b/d at under $20/boe over five years.
Phase 2 holds an estimated 4 trillion cubic feet of recoverable gas; bp will operate a three-way joint venture and signed MoUs to pursue further offshore exploration.
Adds a material share in over 4 Tcf proven gas in the Loran‑Manatee area, links resources to existing infrastructure and strengthens the Atlantic Basin gas portfolio.
MoU with Venezuelan government and PDVSA to evaluate Horcón area, study offshore gas prospects, and address payments and crude cargo scheduling.
