Which companies are involved in BP's newly licensed second phase of the Loran gas field, and what are their respective roles?

BP, in partnership with XRG (owned by Abu Dhabi National Oil Company) and a unit of Qatar's UCC Holding, has secured the license for the second phase of Venezuela's offshore Loran gas field; BP will operate the project and holds equal working interests with both XRG and UCC Holding's oil and gas unit.

What is the estimated gas reserve volume covered by BP's new Loran license, and how does it relate to the field's total reserves?

The BP-led group has rights to produce up to 4 trillion cubic feet (TCF) of gas under the second-phase license, while the Loran field's total reserves are estimated at 7.3 TCF.

BP Granted License for Venezuela's Loran Gas Field in Partnership with XRG, UCC

Aug 13, 2026

BP and partners secured a license to develop Venezuela's Loran gas field, targeting 4 trillion cubic feet of production. The move expands regional LNG capabilities alongside Shell's parallel Manatee field development.

reuters

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