BP Secures Venezuelan Offshore Gas License With ADNOC-Backed XRG

BP has signed agreements with the Venezuelan government to advance offshore natural gas development, securing an exploration and production license for Phase 2 of the Loran field in the Plataforma Deltana area. The field contains an estimated 4 trillion cubic feet of recoverable gas resources, according to the British energy major.

The license structure sees BP operating alongside XRG, the international energy investment arm of Abu Dhabi’s ADNOC, and UCC Oil and Gas Holding. Each entity will hold an equal working interest in the project, with BP serving as the operator. This arrangement follows a memorandum of understanding signed with the Venezuelan government in April 2026, which established a framework for cooperation on exploration and potential development across the Plataforma Deltana region.

BP stated that Phase 2 is expected to be developed in parallel with Phase 1, potentially expanding the scale of the wider Loran offshore development. If developed commercially, the resource base could establish a significant new source of offshore gas production in the region, allowing BP to leverage its existing experience and infrastructure across the Caribbean and Latin America.

In addition to the Loran Phase 2 license, BP and the Venezuelan government signed a separate memorandum of understanding covering the Carúpano East Block. Located in the Caracolito sub-basin of the Mariscal Sucre maritime area, this 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 agreements were finalised 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. The deal deepens BP's involvement in the country as it seeks to capitalise on established regional assets.