BP Expands Offshore Gas Play in Venezuela | Business and Finance News

BP is accelerating its offshore play in Venezuela, securing a major new license to develop Phase Two of the Loran field — estimated at four trillion cubic feet of gas. Partnering with XRG and UCC, BP is poised to ramp up production alongside the existing phase, all following a 2026 MOU and additional exploration agreements in the Plataforma Deltana and Carúpano East Block regions. This marks a strategic deep dive into Venezuela’s offshore potential, with top BP executives on the ground signaling serious long-term ambitions. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/3884c87d4a053559