This licensing and portfolio move gives BP and its partners control of the next phase of a large Venezuelan offshore gas resource. The Venezuelan government awarded an exploration and production license for Loran Phase 2 in the Plataforma Deltana area, where BP estimates 4 trillion cubic feet of recoverable gas.
BP, the ADNOC investment company XRG, and UCC Oil and Gas Holding will each hold an equal working interest, while BP will operate the development. XRG enters Venezuela through a transfer of interest from PDVSA Gas, subject to regulatory approvals and applicable sanctions and compliance rules.
The license follows an April 2026 memorandum of understanding between BP and the Venezuelan government covering exploration and development opportunities in Plataforma Deltana. BP also signed a separate memorandum covering the Carupano East Block, which creates a framework to assess further exploration and possible development.
Loran forms part of a wider offshore gas accumulation that spans the maritime boundary between Venezuela and Trinidad and Tobago. The award adds another Atlantic Basin position to the partners and could connect Venezuelan gas resources with established regional infrastructure and routes to market.