BP signed a natural gas exploration agreement with Venezuela, the latest sign of surging investor appetite in the Latin American nation.
The deal follows similar ones with Italy’s ENI and Spain’s Repsol as Caracas seeks to revive fossil fuel production in the country, home to the world’s largest stated crude reserves.
The White House, meanwhile, said a delegation would travel to Caracas to meet with energy and mining executives. While Washington’s de facto stewardship of Venezuela following its removal of former President Nicolás Maduro has stabilized the country’s economy, analysts fear that there has not been enough pressure to pursue a democratic transition.
