# Foreign investment in Venezuela offshore gas fields > Live situation record from CLSTR: https://clstr.news/situations/foreign-investment-in-venezuela-offshore-gas-fields > Updated: 2026-08-17T08:38:37.000Z. Sources: 13. Developments: 2. Venezuela has awarded a license to develop the second phase of the offshore Loran natural gas field. The project will be operated by BP in partnership with Abu Dhabi-based XRG and Qatar’s UCC Holding, with the three companies holding equal interests. The Loran field, which contains over 4 trillion cubic feet of proven gas resources, is part of the larger Loran-Manatee structure that extends across the maritime border into Trinidad and Tobago. 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 initiative is part of efforts by Caracas to attract international investment and expand gas production to revive the national energy sector following recent political shifts and legislative reforms. 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. ## Timeline ### 2026-08-17: Venezuela awards Loran offshore gas license to bp and XRG Venezuela has awarded bp, XRG, and UCC Holding a license to develop the second phase of the Loran offshore natural gas field, which contains over 4 trillion cubic feet of proven resources. 2 sources. https://clstr.news/cluster/venezuela-awards-loran-offshore-gas-license-to-bp-and-xrg ### 2026-08-13: BP to operate Venezuela's Loran gas field with Gulf partners BP, XRG, and UCC Holding have signed an agreement to develop the second phase of Venezuela’s offshore Loran gas field, targeting 4 trillion cubic feet of gas in a major move to open the nation's energy sector. 11 sources. https://clstr.news/cluster/bp-secures-license-for-venezuelas-offshore-loran-gas-field --- Cite as: Foreign investment in Venezuela offshore gas fields. CLSTR, https://clstr.news/situations/foreign-investment-in-venezuela-offshore-gas-fields