Caracas, Venezuela: bp and the Government of the Bolivarian Republic of Venezuela have signed agreements to advance offshore gas development, including the award of an exploration and production licence for Phase 2 of the Loran field in the Plataforma Deltana area. Loran Phase 2 contains an estimated 4 trillion cubic feet of recoverable gas resources.

bp has been granted the licence for Loran Phase 2 in partnership with XRG, ADNOC's international energy investment company, and UCC Oil and Gas Holding LLC, with each party holding an equal working interest share. bp will operate the development.

Meg O'Neill, chief executive officer of bp, said: "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."

The licence follows the memorandum of understanding signed by bp and the Government of Venezuela in April 2026, which established a framework for cooperation in exploration and future development opportunities in the Plataforma Deltana area, including the Loran offshore gas field.

bp and the Government of Venezuela have also signed a memorandum of understanding covering the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area. This agreement establishes a framework for evaluating exploration opportunities and advancing discussions on potential future development of the offshore area.

The agreements were finalized during an official visit to Venezuela by bp chief executive officer Meg O'Neill and bp senior vice president of Latin America and the Caribbean David Campbell.

Notes:

  - The Loran field and Carúpano East Block are located offshore Venezuela.
  - bp will operate the Loran Phase 2 development, which expected to be delivered in parallel with Phase 1.
  - The Carúpano memorandum of understanding was signed by Venezuela Minister of Hydrocarbons Paula Henao and bp senior vice president of Latin America and the Caribbean David Campbell.
  - In April 2026, bp and the Government of Venezuela signed a memorandum of understanding establishing potential areas for cooperation in exploration and future development in the Plataforma Deltana area, including the Loran field.

About bp

bp (NYSE: BP, LSE: BP.L) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.