College Fossil Fuel partners explore options in Venezuela

Since the removal of Venezuela’s autocratic leader, Nicolas Maduro, by an American task force in January, President Donald Trump has vociferously called for oil companies to rekindle their commercial ties with the embattled petrostate. Although many have been reluctant to “take the oil”, baulking at high upfront investments to repair Venezual’s rundown infrastructure, a few energy companies are exploring their options, particularly in the face of spiking oil prices due to conflict in the Middle East.

BP, the College’s second-largest fossil fuel science funder, has agreed to exploit Cocuina-Manakin, an offshore gas field straddling the maritime border between Venezuela and Trinidad and Tobago, an oil-rich region known as the Loran area. BP wishes to send the oil to Trinidad and Tobago for transformation and export. They also expressed interest in partnering with Venezuela on gas commercialisation.

Reuters reported last month that Shell, Imperial’s largest fossil fuel funder, was in “advanced talks” with Venezuela to gain access to four large oil fields in the Mariscal Sucre region, which is also located on the Trinbagonian maritime border. Shell reportedly also covets the onshore regions of Carito and Pirital.

ExxonMobil recently met with Venezuelan government officials at it considers a re-entry into the country. The company reportedly sent technical teams to the Cerro Negro heavy-oil project, which it operated before a previous Venezuelan administration nationalised it.

Imperial’s three other current fossil fuel partners, Equinor, Petronas, and TotalEnergies, have not expressed interest in returning to Venezuela in the near future.