BP to operate Venezuela's Loran gas field with Gulf partners

BP has secured a license to operate the second phase of the offshore Loran gas field in Venezuela, in partnership with Abu Dhabi-based XRG and Qatar’s UCC Holding. The agreement, signed in Caracas, grants the consortium the right to develop up to 4 trillion cubic feet (TCF) of gas. The three companies will hold equal interests in the project, with BP serving as the operator.

The Loran field is part of the larger Loran-Manatee structure, which extends across the maritime border into Trinidad and Tobago. The combined fields are estimated to hold approximately 10 TCF of recoverable gas. This development follows a June agreement where Shell was awarded the license for the first phase of the project. BP has indicated that both phases will be developed simultaneously.

This move signals an acceleration in the opening of Venezuela’s energy sector to foreign capital following recent political shifts and legislative reforms. The agreements were finalized during a visit to Caracas by BP leadership. Additionally, BP and the Venezuelan government signed a memorandum of understanding to evaluate exploration opportunities in the Carupano East Block within the Mariscal Sucre marine area.