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BP signs deal for Phase 2 offshore gas work at Venezuela's Loran field
The Phase 2 license covers an estimated 4 trillion cubic feet of recoverable gas resources, with BP as operator and partners XRG and UCC Oil and Gas holding equal working interests.
BP has signed agreements with the Venezuelan government to advance offshore natural gas development tied to Phase 2 of the Loran field in the Plataforma Deltana area, according to coverage of the deal.
The Phase 2 Loran license includes an estimated 4 trillion cubic feet of recoverable gas resources, BP said. BP will hold the operator role alongside XRG, the international energy investment arm of Abu Dhabi's ADNOC, and UCC Oil and Gas Holding, with each company holding an equal working interest.
BP said Phase 2 is expected to be developed in parallel with Phase 1, potentially expanding the overall scale of the wider Loran offshore project.
The license follows a memorandum of understanding signed in April 2026 that set a framework for cooperation on exploration and potential development opportunities across the Plataforma Deltana region, including Loran. BP and the Venezuelan government also signed a separate memorandum of understanding for the Carúpano East Block, which sets a framework for evaluating exploration and discussing potential future development rather than making a development commitment, the report said.
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