Published Aug 13, 2026 7:46 pm ET
BP has, in partnership with United Arab Emirates firm XRG, and a unit from Qatar’s conglomerate UCC Holding secured a licence to explore and develop Venezuela’s offshore Loran field’s second phase, according to the British company’s and government officials’ announcements on Thursday.
The agreement was signed in Caracas, and broadcast by the state?TV. It gives BP’s group the right to produce 4 trillion cubic foot of gas in Loran.
British Shell was awarded the license for the first phase in June. BP stated in a press release that both phases will be developed simultaneously.
BP said that it will be operating the second phase project in which it has equal interests with UCC Holdings’ oil and gas -unit and XRG owned by Abu Dhabi National Oil Company.
“We should not just push for the development of the country’s petroleum resources, but also for the growth of our gas resources,” said oil minister Paula Henao during the signing ceremony.
BP signed a Memorandum of Understanding with Venezuelan government in April. This document established a framework
