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BP has received a licence to develop the second phase of Venezuela’s offshore Loran gas field, according to The Guardian. The company will work with a Qatari partner and the overseas investment arm of the United Arab Emirates’ national oil company. 🛢️
The reported licence follows an April 2026 agreement between BP and Venezuela to explore for offshore gas. It is among the early large-scale foreign energy investments reported since the change in Venezuela’s political and oil-sector environment.
Venezuela has an estimated 195 trillion cubic feet of proved natural-gas reserves, but much of its gas has not reached market because of weak infrastructure, limited investment and restricted export development. 🌊
The licence begins a development process rather than gas production. Technical appraisal, commercial arrangements, infrastructure and continuing sanctions compliance will determine whether the field becomes an operating export project.
https://nutanica.com/BP
The reported licence follows an April 2026 agreement between BP and Venezuela to explore for offshore gas. It is among the early large-scale foreign energy investments reported since the change in Venezuela’s political and oil-sector environment.
Venezuela has an estimated 195 trillion cubic feet of proved natural-gas reserves, but much of its gas has not reached market because of weak infrastructure, limited investment and restricted export development. 🌊
The licence begins a development process rather than gas production. Technical appraisal, commercial arrangements, infrastructure and continuing sanctions compliance will determine whether the field becomes an operating export project.
https://nutanica.com/BP
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