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BP Confirms Preliminary Offshore Exploration Agreement With Venezuela

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BP (BP.L) entered into a memorandum of understanding with the Bolivarian Republic of Venezuela to establish "potential areas for co‑operation in material offshore gas and future exploration," according to a statement sent toon Thursday.

Venezuela's Acting President Delcy Rodríguez announced in a Wednesday signing event its offshore natural gas exploration deal with the British oil major, which covers the Deltana Platform, an oil and natural gas reservoir in the nation's eastern waters, according to a same-day report from Bloomberg News.

BP Executive Vice President William Lin also said the company plans to launch a permanent regional office in Caracas, Venezuela.

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