bp has been awarded an exploration and production licence for Phase 2 of the Loran offshore gas field in Venezuela’s Plataforma Deltana area.
Loran Phase 2 is estimated to contain 4 trillion cubic feet of recoverable gas resources. bp will operate the development in partnership with XRG, ADNOC’s international energy investment company, and UCC Oil and Gas Holding. Each company will hold an equal working interest.
The development is expected to progress in parallel with Loran Phase 1. Loran forms part of a major cross-border gas accumulation that extends into Trinidad and Tobago waters, where it is known as the Manatee field.
“The award of the Loran Phase 2 licence is an important step forward,” said bp chief executive Meg O’Neill.She added that the agreements provide a foundation for advancing Venezuela’s offshore gas potential and moving the development into its next phase.
The licence 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 future development opportunities in Plataforma Deltana, including the Loran field.
In a further move to expand its offshore position in Venezuela, bp has signed a separate memorandum of understanding covering the Carúpano East Block. The block is situated in the Caracolito sub-basin of the Mariscal Sucre maritime area.
The agreement provides a framework for evaluating the block’s exploration potential and continuing discussions on its possible future development.
The agreements were finalised during an official visit to Venezuela by O’Neill and bp senior vice-president for Latin America and the Caribbean David Campbell.
