UK-based energy giant BP, Adnoc’s international investment unit XRG, and a unit of Qatar’s UCC have secured a license to explore and develop the second phase of Venezuela’s offshore Loran gas field.
BP and XRG announced in separate statements that each partner will hold an equal stake in the project, while BP will operate the development.
Loran Phase 2 contains an estimated 4 trillion cubic feet of recoverable gas resources.
Loran forms part of the wider Loran-Manatee offshore gas accumulation, which straddles the maritime boundary between Venezuela and Trinidad and Tobago.
Venezuela’s offshore gas potential
The license follows the memorandum of understanding signed by BP and the government of Venezuela in April 2026, which established a framework for cooperation in exploration and future development opportunities in the Plataforma Deltana area, including the Loran offshore gas field.
“The award of the Loran Phase 2 license is an important step forward. 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,” Meg O’Neill, CEO of BP, said.
“BP has a long-standing presence in the region and deep experience developing major gas resources. Together, these agreements provide a strong foundation to progress Venezuela’s offshore gas potential and unlock the next phase of development,” she said.
XRG said in a separate statement that the development would add “meaningfully” to its growing Latin America platform while enhancing its position in the Atlantic Basin.
It builds on XRG’s strategy to establish a gas and LNG platform across Latin America.
“Venezuela holds significant gas resources and has the potential to play a greater role in meeting regional and international energy demand. Our entry through Loran reflects XRG’s strategy to invest with partners in advantaged resources with access to established infrastructure and clear routes to market,” Mohamed Al Aryani, president, international gas, XRG, said.