Full Breakdown
BP Leads Consortium to Develop Venezuela’s Offshore Loran Gas Field
8/14/2026, 8:43:51 PM
Core Development Agreement
BP Plc, together with UAE-based XRG (ADNOC’s investment unit) and Qatar’s UCC Holding, secured a license to explore and develop phase two of Venezuela’s offshore Loran gas field. The agreement, signed in Caracas and broadcast on state television, grants rights to produce up to 4 trillion cubic feet (TCF) of gas from Loran, whose total reserves are estimated at 7.3 TCF. BP will operate the project with equal working interests alongside XRG and UCC.
Background & Context
In January 2026, U.S. forces captured former President Nicolás Maduro, leading to an interim government headed by Delcy Rodríguez. The new administration enacted the Post-Maduro Hydrocarbon Reforms on January 29, 2026, opening the sector to foreign capital after years of nationalisation and sanctions.
Former U.S. President Donald Trump had urged foreign oil companies to invest “at least $100 billion” in rebuilding Venezuela’s fossil-fuel industry. The BP-XRG-UCC consortium is one of the first large-scale foreign investments since the reforms.
Key Figures & Groups
- Meg O’Neill – CEO, BP.
- Paula Henao – Venezuelan Oil Minister.
- Delcy Rodríguez – Interim President.
- XRG – Investment arm of ADNOC.
- UCC Holding – Qatar-based partner.
Timeline
- January 2026 – U.S. forces capture Nicolás Maduro; interim government assumes control.
- January 29 2026 – Post-Maduro Hydrocarbon Reforms passed.
- June 2026 – Shell receives license for Loran’s first phase.
- August 13 2026 – BP, XRG and UCC sign the license for phase two in Caracas.
Data & Statistics
- Production rights: up to 4 TCF of gas for phase two.
- Total Loran reserves: 7.3 TCF.
- Combined Loran-Manatee reserves: about 10 TCF recoverable gas.
- Venezuela’s oil output: 1.2 million barrels per day after the U.S. takeover, the highest since 2019.
- Shell’s Manatee field: first gas expected next year, to feed LNG processing in Trinidad and Tobago.
Official Statements & Responses
BP CEO Meg O’Neill called the license “an important step forward” for BP’s collaboration with Caracas, citing the company’s regional experience. BP’s press release confirmed that both phases of Loran will be developed simultaneously, with equal working interests.
Why It Matters
The Loran development shifts Venezuela from energy isolation toward integration with global markets. By linking offshore gas to the Atlantic LNG plant in Trinidad, the project aims to supply regional industry and launch Venezuela’s first offshore gas exports.
Conflicting Reports & Gaps
Sources agree on reserve sizes and production rights. No substantive discrepancies were found regarding the license terms or projected output. Financial terms of the partnership and the detailed timeline for gas extraction beyond the “next year” estimate for Manatee remain undisclosed.
What’s Next
Both Loran phases will be developed in parallel, with the consortium moving forward on exploration and infrastructure planning. The first gas from Manatee is expected next year, after which Loran’s output could be routed to Trinidad for liquefaction and export. Additional memoranda of understanding, such as for the Carupano East block, suggest further exploration opportunities.
