en.Wedoany.com Reported - On August 13, UK energy company BP signed an offshore natural gas development agreement with the Venezuelan government, securing the Phase 2 exploration and production license for the Loran gas field in the Delta Platform maritime area. Phase 2 is expected to hold approximately 4 trillion cubic feet of recoverable natural gas resources, with BP serving as operator.

BP will jointly develop the project with XRG, the international energy investment company under Abu Dhabi National Oil Company, and UCC Oil and Gas, under Qatar's UCC Holding, with the three parties holding equal working interests. XRG disclosed that its participation remains subject to final licensing and development arrangements, obtaining relevant regulatory approvals, and meeting international sanctions and compliance requirements.

The Loran gas field is located offshore northeastern Venezuela, with total natural gas reserves estimated at approximately 7.3 trillion cubic feet. The field extends eastward into the Manatee gas field in Trinidad and Tobago's waters, and together the two form the cross-border Loran-Manatee natural gas structure, with combined recoverable resources of approximately 10 trillion cubic feet.

The Phase 1 development license for the Loran gas field was awarded to Shell in June 2026. According to BP's announced arrangements, Phase 1 and Phase 2 are planned to proceed in parallel. Shell has commenced development of the Manatee gas field, targeting first gas production in 2027. The associated pipeline's planned transmission capacity has been increased from 700 million cubic feet per day to 1 billion cubic feet per day, with pipe diameter adjusted from 24 inches to 32 inches, and the gas will be delivered to existing processing facilities in Trinidad and Tobago.

This license follows the memorandum of understanding signed between BP and the Venezuelan government in April 2026. That memorandum established a cooperation framework for natural gas exploration and subsequent development in the Delta Platform maritime area, with the Loran gas field being one of its core projects.

On the same day, BP also signed another memorandum of understanding with the Venezuelan government to assess exploration opportunities in the Carupano East block in the Mariscal Sucre maritime area. The block is located in the Caracolito sub-basin and remains at the exploration opportunity assessment stage.