BP Secures Venezuela Offshore Gas License With ADNOC-Backed XRG
BP has secured an offshore gas license in Venezuela, partnering with an ADNOC-backed entity, XRG, and another oil and gas firm, UCC Oil and Gas Holding. The agreement grants BP and its partners the rights to develop Phase 2 of the Loran field in the Plataforma Deltana area, which is estimated to contain 4 trillion cubic feet of recoverable gas resources.
The three companies will share an equal working interest, with BP taking on the role of operator. This move comes as BP seeks to expand its operations in the Venezuelan offshore gas sector, following a memorandum of understanding signed in April 2026. Additionally, BP has signed another memorandum of understanding covering the Carúpano East Block, although this does not represent a development commitment.
The latest agreements highlight BP's growing presence in Venezuela, as the company looks to capitalize on its expertise and infrastructure in the region.
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