BP strengthens offshore gas push in Venezuela

Supermajor BP and the Venezuelan government have signed agreements to advance offshore gas development, including awarding an exploration and production licence for a new phase of the Loran field in the Plataforma Deltana area.

BP will operate the project, which covers resources estimated at around 4trn cubic feet of recoverable gas, in partnership with XRG, ADNOC’s international energy investment arm, and UCC Oil and Gas, with each partner holding an equal working interest.

The deal marks BP’s return to Venezuela’s offshore gas sector alongside state-backed partners from the UAE and Qatar, as the country continues to reopen its energy industry to foreign investors following the US-led operation that removed Nicolás Maduro from power.

The agreements were finalised during an official visit to Venezuela by BP CEO Meg O’Neill and BP SVP for Latin America and the Caribbean, David Campbell.

“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 made. Together, these agreements provide a strong foundation to progress Venezuela’s offshore gas potential and unlock the next phase of development,” said Meg O’Neill.

The licence follows the memorandum of understanding BP and the government of Venezuela signed 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 Caracas 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 to evaluate exploration opportunities and advance discussions on potential future development of the offshore area.

ExxonMobil and ConocoPhillips have also started looking towards Venezuela. Chevron remains in the country as a minority partner in Venezuela’s state oil company and continues to produce crude.

Venezuela is believed to have the largest oil reserves of any country in the world, and in the late 1990s produced more than 3.5m barrels of oil a day, making it one of the top 10 crude producers. However, output has since dropped significantly to around 1m barrels a day.