ISTANBUL
British energy company BP is returning to Venezuela in partnership with companies from the United Arab Emirates and Qatar, as the country accelerates the opening of its energy sector to foreign investment following the removal of President Nicolas Maduro.
BP secured a license to explore and develop the second phase of Venezuela’s offshore Loran gas field alongside the UAE’s XRG and Qatar-based UCC Oil and Gas Holding, the company said.
The three partners will each hold an equal working interest, with BP serving as operator.
Loran Phase 2, located in the Plataforma Deltana area, contains an estimated 4 trillion cubic feet of recoverable natural gas resources.
“The award of the Loran Phase 2 licence is an important step forward,” BP CEO Meg O’Neill said.
“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,” she added.
The license follows a memorandum of understanding signed by BP and the Venezuelan government in April, which established a framework for cooperation on exploration and future development opportunities in the Plataforma Deltana area.
BP said the second phase was expected to be developed in parallel with Loran Phase 1, which was licensed to Shell in June.
The wider Loran-Manatee gas accumulation straddles the maritime boundary between Venezuela and Trinidad and Tobago and contains about 10 trillion cubic feet of recoverable gas resources.
XRG, the international energy investment arm of Abu Dhabi National Oil Company (ADNOC), said it would acquire an interest in the license transferred by state-owned PDVSA Gas.
The project marks the first entry into Venezuela for both XRG and UCC.
XRG said Loran’s proximity to established infrastructure offered a potential route to regional and international gas markets while supporting its strategy of building a gas and liquefied natural gas platform across Latin America.
Its participation remains subject to definitive licensing and development arrangements, government and regulatory approvals, and applicable international sanctions and compliance requirements.
BP and the Venezuelan government also signed a separate memorandum of understanding to evaluate exploration opportunities at the offshore Carupano East Block.
The agreements come as Venezuela seeks to revive its energy industry by attracting foreign investment following Maduro’s removal and the easing of US sanctions that had restricted Western companies’ operations in the country.
