Friday, August 21st 2026 - 08:17 UTC
The agreements remain subject to the definitive licence, to the relevant governmental and regulatory approvals and to compliance with international sanctions rules
Venezuela's government has concluded a series of agreements with international oil companies in recent weeks to develop its offshore gas fields, marking a shift from the years of isolation and sanctions that have defined the sector.
On August 13, BP was granted an exploration and production licence in Caracas for the second phase of the Loran field, in the Plataforma Deltana, alongside the UAE's XRG — the international investment arm of ADNOC — and the oil and gas unit of Qatar's UCC Holding. The three companies hold equal working interests and BP will operate the development. The licence carries rights to up to 4 trillion cubic feet of gas; the field's total reserves are estimated at 7.3. The signing was broadcast on state television before acting president Delcy Rodríguez and BP chief executive Meg O'Neill.
The first phase was awarded to Shell in June and both will be developed in parallel. Loran extends into the Manatee field, operated by Shell on the Trinidad and Tobago side, where the company has already begun development and expects first gas next year. Together the two fields hold around 10 trillion cubic feet of recoverable gas, which is expected to be industrialised and converted into liquefied natural gas on Trinidadian territory.
