From Miraflores Palace in Caracas, President Delcy Rodríguez, Minister of Hydrocarbons Paula Henao and PDVSA President Héctor Obregón oversaw the signing of the Transfer of Participation Agreement for Phase II of the exploration and production license for non-associated gas in Block 2 of the Plataforma Deltana. The agreement brings together bp, Abu Dhabi National Oil Company’s international investment arm XRG and Qatar-based UCC Oil and Gas, with each company holding an equal working interest and bp serving as operator.
The African Energy Chamber (AEC) supports the agreement as a significant development for Venezuela’s gas sector and a further indication that international investors are responding to the country’s efforts to reopen its energy industry. The Chamber has already established a cooperation framework with Venezuela’s Ministry of Hydrocarbons and PDVSA covering investment promotion, technical cooperation, workforce development and broader energy-sector collaboration.
“Venezuela has one of the world’s largest hydrocarbon resource bases, and its re-engagement with international investors has the potential to reshape energy investment across Latin America,” says NJ Ayuk, Executive Chairman, AEC. “The Loran agreement shows what is possible when world-class resources are matched with international investment, technical expertise and the right partnerships.”
Loran forms part of the wider Loran-Manatee geological structure, which straddles the maritime boundary between Venezuela and Trinidad and Tobago and contains roughly 10 trillion cubic feet (tcf) of gas. Venezuela’s portion is estimated at around 7.3 tcf, with Phase II alone holding approximately 4 tcf of recoverable resources. The project follows Phase I, which was awarded to Shell earlier this year, putting two international-led development tracks in place across the Venezuelan side of the field.
Loran’s location also gives the project a natural route toward regional and international markets. Its proximity to Trinidad and Tobago’s established gas-processing and LNG infrastructure could allow Venezuelan gas to be commercialized through existing regional facilities rather than requiring the construction of an entirely new export chain. For Trinidad, which is seeking additional gas feedstock for its downstream and LNG industries, the development could provide an important new source of supply.
The agreement also highlights the growing international interest in Venezuela’s energy reopening. For XRG, the deal marks an entry into Venezuela’s gas sector, while UCC brings another major Gulf-based investor into the country. Together with bp and Shell, the partnerships signal growing confidence in Venezuela’s ability to attract international players into large-scale offshore developments.
The partnership follows an April MoU between bp and Venezuela covering cooperation in offshore gas developments, including Loran and the Cocuina-Manakin project. This agreement therefore builds on an investment relationship that has been developing throughout 2026. That continuity is important. Large offshore gas projects require long investment horizons, technical certainty and stable commercial relationships. The progression from an initial cooperation agreement to a formal exploration and production license demonstrates how Venezuela’s reopening is beginning to translate into concrete project commitments.
For the AEC, the Loran agreement demonstrates what can happen when resource potential is matched with international capital, technical expertise and clearer investment frameworks. The Chamber’s engagement with Venezuela, including its support for Venezuela Energy Week taking place in Caracas from February 22–25, 2027, reflects its broader push to connect investors and energy companies with opportunities emerging across the country.
As Phase I and Phase II of Loran move forward alongside other offshore developments, Venezuela is beginning to build the foundations for a new gas economy. The AEC views the bp-XRG-UCC agreement as an important part of that process, supporting greater international participation, regional energy cooperation and the development of Venezuela’s resources for domestic growth and export markets.
