A partnership led by bp plc signed agreements with the Venezuelan government to advance offshore natural gas development, including the award of an exploration and production license for Phase 2 of Loran gas field in the Plataforma Deltana area offshore Venezuela.

Loran Phase 2 contains an estimated 4 tcf of recoverable gas resources, bp said Aug. 12. Loran field is part of the larger Loran-Manatee gas accumulation, which straddles the maritime boundary between Venezuela and Trinidad and Tobago.

bp will operate Loran Phase 2 development through a partnership with XRG, ADNOC's international energy investment company, and UCC Oil and Gas Holding LLC, with each company holding a 33.3% interest, subject to regulatory approvals.

"The agreements provide a strong foundation to progress Venezuela's offshore gas potential and unlock the next phase of development," said Meg O'Neill, chief executive officer of bp.

The license follows a memorandum of understanding signed by bp and the Venezuelan government in April 2026 establishing a framework for cooperation on exploration and future development opportunities in the Plataforma Deltana area, including the Loran field. Earlier in April, Chevron Corp. agreed to transfer its operated interests in the Plataforma Deltana Block 2 and Block 3 gas licenses to Venezuela as part of an asset swap with Petróleos de Venezuela SA. Plataforma Deltana Block 2 contains the Loran gas discovery, while Block 3 contains the Macuira gas discovery.

Separately, bp and the Venezuelan government signed a memorandum of understanding covering the Carúpano East block in the Caracolito sub-basin of the Mariscal Sucre offshore area. The agreement establishes a framework for evaluating exploration opportunities and advancing discussions on potential future development of the block.