BP PLC and partners from the UAE and Qatar secured an exploration and production license for phase two of Venezuela’s offshore Loran gas field. BP will operate the project.
The field holds an estimated four trillion cubic feet of recoverable gas. Partners BP, XRG PJSC (ADNOC’s investment arm), and UCC Oil and Gas Holding LLC each hold equal stakes.
The award signals a return of global energy majors to Venezuela after years of political and economic instability. This license builds on a framework established in an April 2026 memorandum of understanding.