bp and Venezuela have signed agreements to advance offshore gas development, including an exploration and production licence for Phase 2 of the Loran field in the Plataforma Deltana area, which holds an estimated 4 trillion cubic feet of recoverable gas resources.

bp will operate the development alongside XRG, Adnoc’s international energy investment company, and UCC Oil and Gas Holding, with each partner holding an equal working interest.

Meg O'Neill, chief executive officer of bp, said: "The award of 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. Together, these agreements provide a strong foundation to progress Venezuela's offshore gas potential and unlock the next phase of development."

The licence follows a memorandum of understanding signed by bp and the Venezuelan government in April 2026, establishing a framework for cooperation on exploration and future development opportunities in Plataforma Deltana, including Loran.

The companies also signed a memorandum of understanding covering the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area.

The agreement provides a framework to assess exploration opportunities and discuss potential future offshore development.

The agreements were finalized during an official visit to Venezuela by O’Neill and bp Senior Vice President for Latin America and the Caribbean David Campbell. -OGN/TradeArabia News Service