Caracas, August 14, 2026 (venezuelanalysis.com) – The Venezuelan government has granted an offshore natural gas concession to a consortium of British multinational BP, the United Arab Emirates’ XRG, and Qatar’s UCC.
Acting President Delcy Rodríguez held an agreement-signing ceremony and press conference on Thursday alongside executives of the three corporations on Wednesday.
“I salute this historical moment and thank you for setting up this consortium to achieve such an important agreement for Venezuela and the global energy community,” she said.
Rodríguez emphasized Caracas’ decision to prioritize natural gas ventures to supply the domestic market and boost exports. However, state energy company PDVSA is not a stakeholder in the project.
The multinational consortium was granted rights to drill in the so-called second phase of the Loran field, in the Deltana Platform off Venezuela’s Atlantic coast, with reserves estimated at 4 trillion cubic feet (Tcf). Loran shares its deposits with the Manatee field in the territorial waters of Trinidad and Tobago. They hold 7.3 and 2.7 Tcf of natural gas, respectively.
The first phase of Loran’s exploration was granted to Shell, which is also operating on the Manatee side and expects to produce 4.4 Tcf from the two fields. Both phases are to be developed concurrently. Shell has additionally secured a concession to run the 4 Tcf Dragon field.
“The award of the Loran Phase 2 license […] builds on the strong collaboration we have established with the government of Venezuela and our partners and reflects the progress we have made together,” BP CEO Meg O’Neill stated during the televised event.
The London-headquartered multinational has aggressively pursued Venezuela natural gas opportunities. BP is also set to operate the 1 Tcf Cocuina-Manakin field alongside Trinidad and Tobago’s National Gas Company (NGC). BP recently sold 20 percent of its stake in the Cocuina-Manakin project to the NGC.
BP, Shell, and NGC hold respective 45, 45, and 10 percent shares in Atlantic LNG, a major liquefied natural gas project in Trinidad that is expected to process most of the output from the ventures in Venezuelan waters.
On Thursday, BP also signed a memorandum of understanding (MoU) with Venezuelan authorities to explore opportunities in the Carúpano East block, which belongs to the Mariscal Sucre offshore natural gas project.
XRG, the international arm of the UAE’s state-owned Abu Dhabi National Oil Company (ADNOC), has been expanding overseas investments and recently secured a stake in Argentina’s Vaca Muerta development.
For its part, the UCC is a privately owned Qatari conglomerate with close ties to the royal family. Originally focused on construction and infrastructure, it has gradually expanded its portfolio to energy and mining ventures. The arrival of Qatari and Emirati firms in the South American country reflects Venezuela’s geopolitical realignment since the January 3 US military strikes and kidnapping of President Maduro. During the previous two decades, the Chávez and Maduro governments pursued an eastward-looking policy, deepening ties with Iran, Russia, and China in energy and other strategic sectors while maintaining a predominant state role.
In recent months, energy majors have flocked to Venezuela to strike new deals or renew existing ones following a pro-business overhaul to hydrocarbons legislation. A reformed Hydrocarbon Law slashed royalties and taxes, granted foreign partners control over operations and sales, and subordinated contracts to international arbitration bodies.
Despite the opening to transnational corporations, Venezuela’s oil output has stagnated since May. The latest OPEC monthly report placed the Caribbean nation’s July production at 1.117 million bpd, roughly one percent above the June figure, according to secondary sources.
PDVSA reported an output of 1.200 million bpd, up from 1.187 million bpd the prior month. Direct and secondary measurements have historically differed over disagreements on the inclusion of condensates and natural gas liquids.
Edited by Lucas Koerner in Philadelphia, USA.
The post BP to Explore Venezuelan Offshore Natural Gas Alongside Emirati, Qatari Partners appeared first on Venezuelanalysis.
From Venezuelanalysis via This RSS Feed.