07:58 PM EDT, 04/29/2026 (MT Newswires) -- BP (BP) has signed an agreement with Venezuela to explore offshore natural gas, as the country's energy sector gathers momentum following the US capture of Nicolas Maduro in January, Bloomberg reported on Wednesday.

The memorandum of understanding between BP and Caracas outlines "potential areas for co-operation in material gas and future exploration," the company said.

The agreement comes amid renewed interest from international energy companies in Venezuela, with an energy conference in Caracas drawing strong participation from global investors.

For BP, the move aligns with Chief Executive Meg O'Neill's strategy to rebuild long-term reserves as the company pivots back toward oil and gas after scaling back several low-carbon efforts in recent years.