The three partners each hold an equal 33.3% working interest, with bp serving as operator. The license was signed in Caracas on August 13 and gives the consortium rights to produce up to 4 trillion cubic feet (tcf) of gas from Loran Phase 2. Venezuela’s portion of the wider Loran field is estimated at around 7.3 tcf.

Loran forms part of the wider Loran-Manatee gas structure, which straddles the maritime boundary between Venezuela and Trinidad and Tobago and contains roughly 10 tcf of gas. Shell was awarded the license for Loran Phase 1 in June, with the two Venezuelan phases expected to be developed in parallel. Shell’s adjacent Manatee project in Trinidad and Tobago is targeting first gas in 2027.

The composition of the new consortium is also significant. XRG, ADNOC’s international energy investment company, is expanding its gas portfolio into Venezuela, while UCC Oil and Gas Holding, part of Qatar-based UCC Holding, is entering the country for the first time. The deal follows bp’s April memorandum of understanding with the Venezuelan government covering exploration and development opportunities in the Plataforma Deltana area. bp and Caracas have also signed a separate MOU to evaluate exploration opportunities in the Carúpano East Block in the Mariscal Sucre maritime area.

The agreements come as Venezuela implements its 2026 hydrocarbons reforms, which expanded the framework for private-sector participation in upstream activities. The latest licensing activity is giving international companies a clearer set of projects to assess across Venezuela’s oil and gas sector, with offshore gas emerging as one of the areas attracting renewed attention.

That momentum will be a key focus at Venezuela Energy Week 2027, taking place February 22–25 in Caracas. Officially supported by the Ministry of Hydrocarbons and PDVSA, the event will bring together government, international operators, investors and industry executives to examine investment opportunities across Venezuela’s upstream, gas, refining and wider energy value chain. The Loran award provides a timely example of the international partnerships and new projects now shaping those discussions.

For Venezuela’s gas sector, the Loran award adds another major international player to a project with significant regional gas resources, while the wider agreements with bp point to further offshore opportunities under consideration. As Venezuela Energy Week approaches, these developments will be closely watched by companies assessing where and how to participate in the country’s next phase of energy investment.

Supporting Venezuela's Earthquake Recovery

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela.