bp returns to Venezuela after securing license to explore Loran gas field

British oil and gas company bp has announced its return to Venezuela after securing a license to develop the second phase of the Loran gas field.

Loran Phase 2 is estimated to contain around 4 trillion cubic feet of recoverable gas resources, Caliber.Az reports, citing the bp.

Under the agreement, bp will develop and operate the project in partnership with XRG, ADNOC’s international energy investment company, and UCC Oil and Gas Holding LLC. Each of the three partners will hold an equal working interest.

bp CEO Meg O'Neill said the licence marked an important step in developing Venezuela’s offshore gas resources.

"The award of the Loran Phase 2 licence is an important step forward. It builds on the strong collaboration we have established with the Government of Venezuela and our partners and reflects the progress we have made together.

bp has a long-standing presence in the region and deep experience developing major gas resources. Together, these agreements provide a strong foundation to progress Venezuela's offshore gas potential and unlock the next phase of development," he noted.

The licence follows a memorandum of understanding signed by bp and the Venezuelan government in April 2026. That agreement established a framework for cooperation on exploration and potential future development in the Plataforma Deltana area, including the Loran offshore gas field.

The two sides have also signed a separate memorandum of understanding covering the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area.

The agreement provides a framework for assessing exploration opportunities and continuing discussions on potential future development of the offshore block.

The agreements were finalised during an official visit to Venezuela by bp CEO Meg O'Neill and the company’s Senior Vice President for Latin America and the Caribbean, David Campbell.

Like many other Western oil and gas companies, bp previously operated in Venezuela but was forced to halt its activities due to sanctions imposed on Caracas.

Following the US operation to capture Venezuelan President Nicolás Maduro in January, Donald Trump called on Western companies to resume investment in Venezuela.

Since the beginning of the year, companies including Chevron, Repsol and Shell have begun restoring their operations in the country.

By Bakhtiyar Abbasov