speeds

Published on
14/08/2026 – 10:54 GMT+2

BP is going back into Venezuela.

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The agreement signed in Caracas on Thursday gives the company operatorship of Loran phase two, an offshore gas project holding more than four trillion cubic feet of proven gas resources, with Abu Dhabi’s XRG, Qatar’s UCC Oil and Gas Holding taking equal stakes beside it.

It is the clearest signal yet that the opening of Venezuela’s energy industry to foreign capital, underway since Maduro’s removal, is gathering pace.

All three companies will hold equal working interests, with BP as operator, and the licence remains subject to regulatory approvals.

PDVSA Gas, the state producer’s gas arm, transferred part of its interest to XRG, the international investment vehicle of Abu Dhabi’s ADNOC. For both XRG and UCC, a unit of the Qatari conglomerate of the same name, this marks a first entry into Venezuela.

The field itself is shared as Loran forms the Venezuelan portion of the Loran-Manatee accumulation, which straddles the maritime boundary with Trinidad and Tobago and holds roughly 10 trillion cubic feet of recoverable gas in total.

Shell won the licence for the first phase in June and is separately developing Manatee on the Trinidadian side, where first gas is expected next year.

BP says both Venezuelan phases will now be developed in parallel and signed a further memorandum of understanding covering exploration at the Carúpano East Block.

The agreements were concluded during a visit to Caracas by CEO Meg O’Neill and David Campbell, BP’s senior vice president for Latin America and the Caribbean.

A sector reopened under US pressure

The licences are the product of a bargain struck with Washington.

After Maduro was seized by US forces in January, interim president Delcy Rodríguez rewrote the country’s energy law at the Trump administration’s urging, opening the world’s largest proven oil reserves to foreign firms.

In return, the US relaxed sanctions that had frozen most Western investment, including the licences it revoked from BP, Shell and Chevron in 2025.

Eni, Repsol and Shell have all signed since.

The awards process stalled after the earthquakes of 24 June, which killed more than 6,300 people, and resumed only on Thursday, when the three Loran permits were issued and the agreements signed.

“I have a special interest in gas to promote national development,” Rodríguez said at the ceremony, which was broadcast on state television.

BP is not a newcomer as it held a licence for the Cocuina field from 2024, before Washington withdrew its permission to use it.

THE UK is home to the world’s fastest zipline – and it’s cheaper to visit this summer.

There are eight locations across the UK, one of which is Penrhyn Quarry in Wales where you can reach top speeds of 100mph.

The ride allows riders to soar high over quarry for one mile, and there are four parallel lines so families can race too.

There are other activities at Penrhyn Quarry including Aero Explorer which is the UK’s largest zip-coaster.

There’s a smaller zipline called the Quarry Flyer and there’s also karting and tours of the historic slate quarry.

And this summer, Zip World is offering up to £25 off tickets.

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One of the biggest savings is at Penrhyn Quarry where tickets are £99 between June 25 and September 1, rather than £124.

Here, families can also get up to two free kids’ meals with every adult main meal (children must be aged 12 or under).

Children can also eat for free at three other Zip World sites: Betws-y-Coed, Llechwedd and Tower Colliery.

While the other Zip World sites might not have to same zipline thrills, there’s still plenty to do there – at Llechwedd, there’s an underground cavern filled with trampolines.

Travel Writer Catherine Lofthouse who visited said her children were thrilled to find all the rides inside the former slate mine.

Catherine continued: “My boys were most excited for Bounce Below – a sprawling and cavernous trampoline park which features nets set at different levels for adventurers young and old to explore.

“The boys had an absolute blast underground, exploring all the different levels of nets and the twisty slides that connect them.

“Obviously the caves are a bit cold and damp, so you need to wear warm clothes and sensible shoes, preferably not your Sunday best.”

Meanwhile, Zip World Betws-y-Coed has the UK’s longest alpine coaster which at its fastest can travel up to 25mph.

Other Zip World sites have high ropes courses, tree top adventures and the site in London has the world’s longest and tallest tunnel slide which overlooks the 2012 Olympic Park.