UK-headquartered energy giant BP and its partners, ADNOC’s XRG and UCC Oil and Gas Holding, have secured a key license off the coast of Venezuela in a push to unlock 4 trillion cubic feet (tcf) of proven gas resources
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 the second phase of the Loran field in the Plataforma Deltana area, which contains an estimated 4 trillion cubic feet of recoverable gas resources.
The UK energy giant 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, with each party holding an equal working interest share. However, BP will operate the development. The Loran Phase 2 development is expected to be delivered in parallel with Phase 1.
Meg O’Neill, Chief Executive Officer (CEO) of BP, commented: “The award of the Loran Phase 2 license 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.”