The British energy company bp, together with United Arab Emirates-based XRG and a unit of Qatar’s UCC Holding, has obtained a license to explore and develop the second phase of Venezuela’s offshore Loran gas field (bp press release, 13/08/2026).
The agreement grants the partners an an equal working interest share in the Loran Phase 2 and the right to produce up to 4 tcf (113 bcm/year) of gas from Loran, whose total reserves are estimated at 7.3 tcf (207 bcm/year). The license for the project’s first phase was awarded to British company Shell in June, with both phases expected to be developed concurrently.
“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”, said the company’s press release.
bp and the Government of Venezuela have also signed a memorandum of understanding covering the Carúpano East Block, located in the Caracolito sub-basin of the Mariscal Sucre maritime area. The agreement provides a framework for assessing exploration opportunities and continuing discussions on the potential future development of the offshore area.
For its part, XRG said that Loran Phase 2 supports its strategy of building a gas and LNG platform across Latin America (XRG press release, 17/08/2026).
Loran is part of the broader Loran-Manatee offshore gas accumulation, which extends across the maritime boundary between Venezuela and Trinidad and Tobago. Venezuela plans to industrialise its gas resources and convert them into LNG. Combined, the fields contain around 10 tcf (283 bcm/year) of recoverable gas.
Shell has already started developing Manatee, with first gas expected in 2027, before moving on to Loran’s first phase. Together, the two projects are expected to produce a total of 4.4 tcf (125 bcm/year) of gas.