bp has secured a license to develop the second phase of the Loran offshore gas field in Venezuela, gaining access to an estimated 4 trillion cubic feet (Tcf) of recoverable gas resources.
The license covers Loran Phase 2 in the Plataforma Deltana area offshore Venezuela. bp will operate the development alongside XRG, the international energy investment company of Abu Dhabi National Oil Company (ADNOC), and UCC Oil and Gas Holding LLC. Each company will hold an equal working interest.
The agreements were finalized during a visit to Venezuela by bp Chief Executive Officer Meg O’Neill and David Campbell, bp’s senior vice president for Latin America and the Caribbean.
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“The award of the Loran Phase 2 licence is an important step 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,” O’Neill said.
The agreement follows a memorandum of understanding signed by bp and the Venezuelan government in April 2026. That agreement established a framework for cooperation on exploration and potential development in the Plataforma Deltana area, including Loran.
The latest agreements also cover another offshore area. bp and the Venezuelan government signed a memorandum of understanding for the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area.
Loran contains an estimated 7 trillion cubic feet of gas and extends across the maritime boundary between Venezuela and Trinidad and Tobago. The Trinidad and Tobago portion of the field is known as Manatee.
bp already has a major presence in Trinidad and Tobago, where it is the country’s largest natural gas supplier and holds a 45% interest in the Atlantic LNG facility on Trinidad’s southwest coast.
Trinidad has been trying to push for projects that will partially reverse the gradual decline in its output. The country has about 10 years of gas production left based on less than 12 trillion cubic feet (tcf) of natural gas reserves.
