25/08/2026 by Cameron Clarke
The Venezuelan government and UK-based BP have signed new agreements to progress the development of the country’s offshore natural gas resources.
In particular, BP has been awarded an exploration and development licence for the Loran Phase 2 project in the Plataforma Deltana area.
BP will be the designated operator for the development, which includes recoverable gas resources estimated at four trillion cubic feet. It will work in partnership with UCC Oil and Gas Holding LLC and XRG, the global energy investment arm of ADNOC.
The move represents BP’s approach of investing in growth areas using funds raised by divesting other assets, including the sale of a majority interest in the Castrol lubricant and coolant brand.
BP’s chief executive officer, Meg O’Neill, pointed out that securing:
“…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. BP has a long-standing presence in the region and deep experience developing major gas resources.”
BP also signed a memorandum of understanding for the Caracolito sub-basin’s Carúpano East Block. This sets out a basis for assessing opportunities for exploration in the area and discussing possibilities for development in the future.
O’Neill officially visited the country with David Campbell, BP’s senior vice president for the region, to finalise the agreements. O’Neil said that the agreements in combination provided a stable basis for advancing the potential for gas production offshore of Venezuela and laying a path for subsequent development.
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