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BP to Operate Loran Phase 2 Offshore Gas Development in Venezuela

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BP (BP) received an exploration and production license for phase 2 of the Loran offshore gas field in Venezuela's Plataforma Deltana area with an estimated 4 trillion cubic feet of recoverable gas resources, the company said Thursday.

BP will operate the development in partnership with XRG, Adnoc's international energy investment company, and UCC Oil and Gas, with each party holding an equal working interest.

BP and Venezuela also signed a memorandum of understanding to assess exploration opportunities and potential future development in the Carupano East Block, the company said.

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