The discussions add to growing upstream momentum ahead of Venezuela Energy Week (VEW) 2027, taking place in Caracas from February 22–25, as international companies secure new positions and advance investment across the country’s oil and gas sector.

UCC Head of Upstream Erik Keskula confirmed the talks on September 29. The potential expansion follows the company’s August entry into the Loran Phase 2 gas project alongside bp and XRG – ADNOC’s international energy investment company. The three companies each hold an equal interest, with bp serving as operator. Loran Phase 2 contains approximately 4 trillion cubic feet of recoverable gas resources.

Loran represents one of the largest offshore gas opportunities in Venezuela and forms part of the Plataforma Deltana offshore project, extending toward Trinidad and Tobago and linking the development to a wider regional gas market. Shell was separately granted a parallel license for the same field, creating two development tracks around the wider resource.

The August agreement followed an April memorandum between bp and Venezuela establishing a framework for cooperation on exploration and future development opportunities in the Plataforma Deltana area, including Loran.

UCC’s expansion discussions coincide with renewed diplomatic engagement between Venezuela and Qatar, with interim President Delcy Rodríguez meeting Qatar’s Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi in Caracas in September. The meeting covered broader cooperation opportunities, although no specific investment agreement was announced.

UCC is entering a market where international companies are increasingly converting interest into concrete projects and commercial agreements. Colombia’s GeoPark signed a 25-year contract for the Bare block in the Orinoco Belt, while Italy’s Eni secured a 25-year agreement to operate Junín-5 and France’s TotalEnergies signed a strategic cooperation agreement with the country’s state-owned PDVSA. GeoPark alone plans to invest $7 billion to increase production at Bare from approximately 11,000 barrels per day (bpd) to 90,000 bpd by 2038.

Investment activity extends into oilfield services. Halliburton signed agreements with Brazilian energy company Eneva and Venezuelan firm WESCA to pursue development opportunities and support field evaluation.

UCC’s expansion plans come as international energy companies assess Venezuela’s upstream potential alongside the capital, infrastructure rehabilitation and technical investment required to increase production. The growing pipeline of upstream agreements and prospective investments will be a central focus at VEW 2027.

Organized by Energy Capital & Power and taking place under the patronage of Acting President Delcy Rodríguez, PDVSA and the Ministry of Hydrocarbons, VEW 2027 will convene in Caracas from February 22–25.

To register, visit www.venezuelaenergyweek.com.

To sponsor or exhibit, visit www.venezuelaenergyweek.com/sponsor.