BP and the United Arab Emirates’ XRG have secured an exploration and production license for a Venezuelan offshore gas development. The Loran field in the Plataforma Deltana area contains 4 trillion cubic feet of recoverable gas. The field is part of the Loran-Manatee accumulation and spans the maritime boundary between Venezuela and Trinidad and Tobago. This license covers phase 2, set to launch alongside phase 1. XRG, Abu Dhabi National Oil Company’s international division, will share control with BP and Qatar-based UCC Oil and Gas. Both BP and XRG hold equal working interests in operating the field.

The Loran field’s strategic location and vast reserves highlight its significance. Operating in a region with complex geopolitical dynamics, the project underscores BP’s and XRG’s commitment to expanding offshore gas production. The collaboration leverages XRG’s regional expertise and BP’s technical capabilities to manage the field’s development.

Phase 2’s parallel deployment with phase 1 suggests aggressive timelines. UCC Oil and Gas’s stake adds another layer of investment. The project’s success could strengthen Venezuela’s gas exports while balancing relations with neighboring Trinidad and Tobago. The field’s size and location make it a critical asset for energy markets in the Caribbean and South America.