BP has secured an exploration and production license for Phase 2 of the Loran offshore gas field in Venezuela. The company will operate the project alongside partners XRG of Abu Dhabi and Qatar-based UCC Oil and Gas Holding. Each partner holds an equal one-third share in the development.
The agreement follows a memorandum of understanding signed in April 2026. The Loran field contains an estimated 4 trillion cubic feet of recoverable gas resources. This move signals a return of major energy firms to the country following recent political changes.