$BP

Venezuela awarded an offshore natural gas license for the Loran field to a consortium led by BP, with XRG and UCC Oil and Gas Holding. According to the Venezuelan government, legal changes allow direct private operation and commercialization, enabling access to more than 4 trillion cubic feet of gas. The award may affect regional gas and crude trade flows.

BP agreed to sell its 37.2% stake in Canada’s Bay du Nord offshore oil project to partner Equinor, making Equinor the sole owner, according to the companies. Financial terms were not disclosed. Equinor plans a final investment decision in early 2027. The project targets first oil in 2031 and requires about C$14 billion investment, with expected initial output of over 400 million barrels.

According to BP, the company has obtained a licence to develop the second phase of the Loran offshore gasfield in Venezuela, partnering with Qatar and the UAE’s national oil company investment arm. The move follows US President Donald Trump’s push for foreign energy investment of at least $100bn. Shell has a licence for phase one, and Eni is in talks.

The article says U.S. President Donald Trump criticized oil majors ExxonMobil and Chevron after they reported strong 2026 Q2 profits, attributing gains to supply disruptions from the U.S.-Israeli war with Iran and higher oil prices. It cites Guardian estimates of $93B total profits for eight majors and lists ExxonMobil $14.5B, Chevron $12.2B, Shell adjusted $9.8B, BP $5.7B. It also notes Saudi Aramco net profit rose 44% to $32.69B despite Strait of Hormuz disruptions, while U.S. gasoline average

BP said it will develop the second phase of Venezuela’s Loran offshore gasfield, partnering with two firms linked to the Trump administration and with the overseas investment arm of UAE’s national oil company. BP holds a licence alongside a Qatari company. The move follows Shell’s earlier Loran licence and reflects BP’s return to Venezuela.

Ahead of Ofgem’s next three-month energy price cap on Aug 26, campaign groups say eight major energy firms generated over £6bn in UK-attributable profits in 2026. Estimates use company financial results, including Centrica adjusted operating profit of £497m (H1), Shell $9.8bn global adjusted earnings (Q2), and Equinor $11.48bn adjusted operating income (Q2).

BP said it signed an agreement in Caracas to operate Loran phase two, an offshore gas project with more than 4 Tcf of proven resources. Abu Dhabi’s XRG and Qatar’s UCC Oil and Gas Holding take equal stakes. The deal follows Venezuela’s post-Maduro energy law changes and US sanctions easing, and remains subject to regulatory approvals.

BP and XRG, a UAE unit of Abu Dhabi National Oil Company, were awarded an exploration and production license for phase 2 of Venezuela’s Loran offshore gas field in the Plataforma Deltana area. The field is estimated to hold 4 trillion cubic feet of recoverable gas. BP will operate with equal working interest; UCC Oil and Gas also holds an interest.

FTSE 100 edged down 0.10% as weaker base metals weighed on miners. Antofagasta fell 3.9% and other decliners included Endeavour Mining, Fresnillo, Glencore, Anglo American and Rio Tinto. U.S. producer prices were flat in July, while Hormuz shipping and tanker attack reports involving ADNOC tankers and a Russian-flagged tanker added oil-security risk. Brent rose to $88.35.

Global stocks pulled back from record highs as geopolitical and economic uncertainty weighed on sentiment. In Ireland, Iseq All-Share fell 0.47% to 14,385.15, with Ryanair down 1% and Great Western Mining down 9.5%. In London, FTSE 100 fell 0.56% after Antofagasta cut its copper outlook. In Europe, Stoxx 600 eased 0.04%. In New York, Dow and S&P 500 rose early on softer producer price data; Adyen jumped 16.40% after raising outlook.