bp awarded Loran Phase 2 license

bp and the Government of the Bolivarian Republic of Venezuela have signed agreements to advance offshore gas development, including the award of an exploration and production license for Phase 2 of the Loran field in the Plataforma Deltana area. Loran Phase 2 contains an estimated 4 trillion cu. ft. of recoverable gas resources.

bp has been granted the license 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.

The license follows a memorandum of understanding (MOU) 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. A MOU was also signed covering the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area, establishing a framework for evaluating exploration opportunities and advancing discussions on potential future development of the offshore area.

Both agreements were finalized during an official visit to Venezuela by Meg O’Neill, CEO of bp, and David Campbell, bp senior vice president of Latin America and the Caribbean.

“The award of the Loran Phase 2 license is an important step forward,” said O’Neill. “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.”