BP granted license for Venezuela's Loran gas field in partnership with XRG, UCC
The permits cover exploration and production rights for up to 4 trillion cubic feet of gas as Venezuela expands foreign energy partnerships, officials said.
- On Thursday, Venezuela granted licenses to British Petroleum, XRG, and UCC Holding to explore the second phase of the Loran gas field, marking a significant shift in the government's energy sector liberalization under intense U.S. pressure.
- Following the U.S. capture of Nicolas Maduro in January, interim leader Delcy Rodriguez reformed Venezuela's energy laws to attract foreign investment, enabling the United States to ease sanctions that previously restricted foreign companies.
- The BP-led group holds rights to produce up to 4 trillion cubic feet of gas from Loran, whose total reserves are estimated at 7.3 TCF, with the three companies developing the offshore field in parallel.
- Loran extends into the Shell-operated Manatee field in Trinidad and Tobago, where British Shell expects first gas production next year with a combined 4.4 TCF potential from both sites.
- Oil minister Paula Henao said during the signing ceremony, "We should not only push for the country's oil development, but for growing our gas resources," as the government evaluates exploration at the Carupano East block.
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BP strikes deal to produce gas in Venezuela just weeks after oil giant announced North Sea sell-off
BP strikes deal to produce gas in Venezuela just weeks after oil giant announced North Sea sell-off . Oil giant BP has struck a deal to produce gas in Venezuela, just weeks after announcing it was seeking to sell up in the North Sea
BP and XRG, of the United Arab Emirates, will explore a gas field on the coast of Venezuela, in an indication that large oil companies are timidly returning to the country under their new regime. Exclusive material for subscribers. To have full access, access the link of the material and register.
BP returns to Venezuela as post-Maduro energy opening accelerates
Venezuela has awarded BP a licence to develop the offshore Loran gas field alongside state-backed partners from the UAE and Qatar, marking the British company's return to a country whose energy sector has been reopening to foreign investors since US forces captured Nicolás Maduro.
Venezuela granted licences to consortia in the United Kingdom, the Arab Emirates and Qatar to exploit the Lorán gas field and consolidate their export capacity.
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