bp has been granted the licence for Loran Phase 2 in partnership with XRG, ADNOC’s international energy investment company, and UCC Oil and Gas Holding LLC, with each party holding an equal working interest share. bp will operate the development.
Meg O’Neill, CEO of bp, said: “The award of the Loran Phase 2 license 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.
“bp has a long-standing presence in the region and deep experience developing major gas resources. Together, these agreements provide a strong foundation to progress Venezuela’s offshore gas potential and unlock the next phase of development.”
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.
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 for evaluating exploration opportunities and advancing discussions on potential future development of the offshore area.
The agreements were finalized during an official visit to Venezuela by bp CEOMeg O’Neill and bp SVP of Latin America and the Caribbean David Campbell.
