Venezuela · ENERGY
Key Facts
—The licence bp was awarded the Lorán Phase 2 licence on 13 August, as operator, with XRG and UCC Oil and Gas Holding each holding an equal working interest — roughly a third apiece.
—The gas Phase 2 covers about 4 trillion cubic feet. The Venezuelan Lorán block holds around 7.3 trillion, and the cross-border Lorán-Manatee structure about 10 trillion.
—Why it is legal now OFAC’s General License 50A, issued 13 February and amended 18 February, authorises oil and gas sector transactions in Venezuela and names bp among the companies covered.
