bp awarded Loran Phase 2 licence in Venezuela's Plataforma Deltana
- Loran Phase 2 contains an estimated 4 trillion cubic feet of recoverable gas.
- bp received the Phase 2 exploration and production licence and will operate the development.
- Partners XRG (ADNOC) and UCC Oil and Gas Holding LLC hold equal working interests with bp.
- An April 2026 MoU set the cooperation framework; a separate MoU covers the Carúpano East Block in the Mariscal Sucre maritime area.
Licence award
bp and the Government of the Bolivarian Republic of Venezuela signed agreements to advance offshore gas development, including the award of an exploration and production licence for Phase 2 of the Loran field in the Plataforma Deltana area.
Resources and partners
Loran Phase 2 contains an estimated 4 trillion cubic feet of recoverable gas. bp was granted the licence in partnership with XRG, ADNOC's international energy investment company, and UCC Oil and Gas Holding LLC, with each party holding an equal working interest; bp will operate the development.
Framework and additional blocks
The licence follows a memorandum of understanding signed by bp and the Government of Venezuela in April 2026 that established a framework for cooperation in exploration and future development opportunities in Plataforma Deltana, including Loran. bp and the Government also signed a memorandum of understanding covering the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area to evaluate exploration opportunities and potential future development.
Officials involved
The agreements were finalised during an official visit to Venezuela by bp chief executive officer Meg O'Neill and bp senior vice president of Latin America and the Caribbean David Campbell.
Source: bp