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bp and the Government of the Bolivarian Republic of Venezuela have signed agreements to advance offshore gas development, including the award of an exploration and production licence for Phase 2 of the Loran field in the Plataforma Deltana area.
Loran Phase 2 contains an estimated 4 trillion cubic feet of recoverable gaseous resources.
bp has been granted the licence to Loran Phase 2 in partnership with XRG, ADNOC's international energy investment company, and UCC Oil and gaseous Holding LLC, with each party holding an equal working interest share. bp will operate the research.
Meg O'Neill, chief executive officer of bp, said: "The award of the Loran Phase 2 licence is an crucial measure forward. It builds on the strong collaboration we have established with the Government of Venezuela and our partners and reflects the progress we have made together.
"bp has a long-standing presence in the region and deep experience developing major gaseous resources. Together, these agreements provide a strong foundation to progress Venezuela's offshore gaseous possible and unlock the next phase of research."
The licence follows the memorandum of understanding signed by bp and the Government of Venezuela in April 2026, which established a framework to cooperation in exploration and future research opportunities in the Plataforma Deltana area, including the Loran offshore gaseous field.
bp and the Government of Venezuela have also signed a memorandum of understanding covering the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area. This agreement establishes a framework to evaluating exploration opportunities and advancing discussions on possible future research of the offshore area.
The agreements were finalised during an official visit to Venezuela by bp chief executive officer Meg O'Neill and bp senior vice president of Latin America and the Caribbean David Campbell.
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