The Venezuelan government signed a license on Thursday for phase two development of the Lorán natural gas field with a consortium comprising British Petroleum (BP), UAE-based XRG, and Qatar-based UCC, while also inking a separate hydroelectric agreement with Latin American firm IMPSA to complete works at the Macagua and Tocoma plants, Acting President Delcy Rodríguez announced from Miraflores Palace in Caracas.
The gas agreement was formalized by Pdvsa Gas president Janier Vilorio and Hydrocarbons Minister Paula Henao, targeting accelerated extraction at the Atlantic Ocean continental shelf deposit.
The Lorán field is part of the cross-border Lorán-Manatí deposit, discovered in 1983 and shared with Trinidad and Tobago, of which Venezuela holds three-quarters of the resources, the government noted.
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Acting President Rodríguez described the day as a historic milestone following 23 years of efforts to achieve gas production at the deposit, emphasizing that the project bolsters the national strategy to supply domestic industrial and petrochemical development while advancing the goal of transforming Venezuela into a key gas exporter to the Caribbean and international markets.
The hydroelectric addendum between Corpoelec and IMPSA aims to reactivate and complete works at the Macagua and Tocoma plants in Bolívar state. The alliance seeks to incorporate additional megawatts into the National Electric System (SEN) to support productive dynamism and shield infrastructure against the impact of the “Super Niño” climatic phenomenon.
The measure follows through on the commitment agreed last June with IMPSA to optimize operations at Macagua and finalize construction at Tocoma, ensuring supply continuity and stability for Venezuelan economic development, the government stated.
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