The government of Venezuela has awarded a bp-led partnership an exploration and production license for Phase 2 of the Loran gas field in the offshore Plataforma Deltana area.

bp will operate the development, in which the company, ADNOC's international energy investment company XRG, and UCC Oil and Gas Holding will each hold an equal working interest.

Loran Phase 2 contains an estimated 4 Tcf of recoverable gas, and the development will likely be delivered in parallel with Phase 1, bp said. The field extends into waters offshore Trinidad where it is known as Manatee (Shell is developing this section currently).

The award strengthens momentum behind gas developments in the eastern Venezuela-Trinidad basin, where operators are pursuing stranded offshore gas resources to support regional energy demand and potential future exports. 

The award follows a memorandum of understanding (MoU) the company signed with the government in April, which set forth the framework for cooperation in exploration and future development opportunities in the Plataforma Deltana area, including Loran.

Carúpano East agreement expands exploration options

bp has also signed a separate MoU with the government for the Carúpano East Block in the Caracolito sub-basin of the Mariscal Sucre maritime area. This establishes the basis for assessing potential exploration opportunities and discussions on potential future development of the offshore area.

Both agreements were finalized during a visit to Venezuela by bp CEO Meg O'Neill and David Campbell, svp of Latin America and the Caribbean.