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Venezuela licenses Loran gas project’s second phase to BP

8/14/2026

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Summary

Story summary

Venezuela granted a license for Loran’s second phase to BP, UAE’s XRG and Qatar’s UCC Holding.
The license allows up to 4 trillion cubic feet of gas, bringing the combined Loran-Manatee fields—Loran’s 7.3 TCF plus Shell’s reserves—to about 10 TCF.
BP will operate the project and holds a one-third share with UCC Holding’s unit and XRG, owned by ADNOC.
Oil minister Paula Henao said Venezuela must grow its gas resources alongside oil.

History

Historical Context

In 1983 Venezuela discovered the Loran-Manatee gas field, which PDVSA began producing in 2013 and holds about 10.25 trillion cubic feet of gas. After a 2009 $2.5 billion deal gave Shell a 30% stake, the 2024 license expands the consortium—adding BP, UAE’s XRG, Qatar’s UCC Holding and ADNOC’s unit—to develop the full 10 TCF reserve and revive PDVSA’s gas output.

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Story summary

Venezuela granted a license for Loran’s second phase to BP, UAE’s XRG and Qatar’s UCC Holding.
The license allows up to 4 trillion cubic feet of gas, bringing the combined Loran-Manatee fields—Loran’s 7.3 TCF plus Shell’s reserves—to about 10 TCF.
BP will operate the project and holds a one-third share with UCC Holding’s unit and XRG, owned by ADNOC.
Oil minister Paula Henao said Venezuela must grow its gas resources alongside oil.

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