Venezuela awards Loran offshore gas license to bp and XRG

Venezuela has awarded a license to explore and develop the second phase of the Loran offshore natural gas field. The project involves a partnership between British energy major bp, UAE-based XRG, and Qatar-based UCC Holding.

The Loran license contains over 4 trillion cubic feet of proven gas resources. The field is part of the wider Loran-Manatee offshore gas accumulation, which straddles the maritime boundary between Venezuela and Trinidad and Tobago. This agreement is part of Caracas’ efforts to attract international investment and expand gas production to revive the country’s energy sector.