BP Secures Venezuela Offshore Gas License With ADNOC-Backed XRG

BP Secures Venezuela Offshore Gas License With ADNOC-Backed XRG

Fri, August 14, 2026 at 5:38 AM GMT+3 2 min read

• BP +0.52%
• NG=F +0.22%

BP has signed agreements with the Venezuelan government to advance offshore natural gas development, including an exploration and production license for Phase 2 of the Loran field in the Plataforma Deltana area.

Loran Phase 2 contains an estimated 4 trillion cubic feet of recoverable gas resources, according to BP.

The British energy major will hold the license alongside XRG, the international energy investment arm of Abu Dhabi's ADNOC, and UCC Oil and Gas Holding. Each company will hold an equal working interest, while BP will serve as operator.

BP said Phase 2 is expected to be developed in parallel with Phase 1, potentially expanding the scale of the wider Loran offshore development.

The license marks a further step in BP's expansion plans in Venezuelan offshore gas following a memorandum of understanding signed with the government in April 2026. That agreement established a framework for cooperation on exploration and potential development opportunities across the Plataforma Deltana region, including Loran.

BP and the Venezuelan government also signed a separate memorandum of understanding covering the Carúpano East Block, located in the Caracolito sub-basin of the Mariscal Sucre maritime area.

That agreement does not represent a development commitment but establishes a framework for evaluating exploration opportunities and discussing potential future development of the offshore acreage.

The latest agreements deepen BP's involvement in Venezuela at a time when the company is seeking to leverage its existing experience and infrastructure across the Caribbean and Latin America. Loran's resource base, if developed commercially, could establish a significant new source of offshore gas production in the region.

The agreements were finalized during a visit to Venezuela by BP Chief Executive Meg O'Neill and David Campbell, the company's senior vice president for Latin America and the Caribbean.

By Charles Kennedy for Oilprice.com

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