British oil giant BP has secured a licence to develop the second phase of the Loran offshore gasfield in Venezuela, partnering with a Qatari firm linked to the Al-Khayyat brothers — associates of Ivanka Trump and Jared Kushner — and the overseas investment arm of Abu Dhabi's national oil company. The deal marks one of the first large-scale foreign investments in Venezuela since the US ousted former president Nicolás Maduro in January, and follows Donald Trump's call for international oil companies to invest at least $100bn in rebuilding the country's energy sector. Venezuela holds the world's largest estimated oil reserves but has seen output collapse to around one million barrels per day after decades of underinvestment and mismanagement, though production has begun to recover modestly since the change in government.