The Venezuelan government has awarded BP an exploration and production license to operate Phase 2 of the Loran field in the Plataforma Deltana area as the supermajor signs off on several agreements to advance the nation’s offshore development.
BP will partner with XRG, ADNOC's international energy investment company, and Qatari-based UCC Oil and Gas Holding LLC, with each holding an equal stake in Loran Phase 2, which contains an estimated 4 Tcf of recoverable gas resources, BP said in a news release.
"The award of the Loran Phase 2 license is an important step forward,” BP CEO Meg O’Neill said during an official visit to Venezuela, where she and BP Senior Vice President for Latin America and the Caribbean David Campbell finalized the agreements.
“It builds on the strong collaboration we have established with the government of Venezuela and our partners and reflects the progress we have made together,” O’Neill said.
MOUs Lay Groundwork for Future Development
“BP has a long-standing presence in the region and deep experience developing major gas resources,” she added. “Together, these agreements provide a strong foundation to progress Venezuela's offshore gas potential and unlock the next phase of development.”
The license award follows the signing of a memorandum of understanding (MOU) between BP and the Venezuelan government in April 2026, which set out a framework for cooperation in exploration and future development in the Plataforma Deltana area, including the Loran gas field.
BP and the Venezuelan government have also signed an MOU covering the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area, establishing a framework to evaluate exploration opportunities and advance discussions on future development, BP said in its release.
BP and Shell are seeking new US licenses to develop cross-border natural gas fields shared by Trinidad and Tobago and Venezuela, Trinidad and Tobago Energy Minister Roodal Moonilal said during the India Energy Week conference in January.