BP, XRG, and UCC secure license to develop Venezuela's Loran gas fields Phase 2

Type: Partnership · Technology: Gas · Country: Venezuela · Announced: 2026-08-13

BP, in partnership with United Arab Emirates firm XRG and a unit from Qatar's conglomerate UCC Holding, secured a license to explore and develop Venezuela's offshore Loran field's second phase. The agreement, signed in Caracas, grants BP's group the right to produce 4 trillion cubic feet of gas in Loran, with both phases (Phase 1 and Phase 2) to be developed simultaneously. BP will operate the second phase project, holding equal interests with UCC Holdings' oil and gas unit and XRG, which is owned by Abu Dhabi National Oil Company. The Loran field is part of the broader Plataforma Deltana project offshore Venezuela, which includes the Shell-operated Manatee field in Trinidad and Tobago, where Venezuelan gas is planned to be industrialized into LNG. Together, the fields hold about 10 trillion cubic feet of recoverable gas, with Shell's Manatee development expected to deliver first gas next year.

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