Venezuela Licenses bp, XRG, and UCC for Loran Gas Field Development

Venezuela has awarded a license to British energy major bp, UAE-based XRG, and Qatar-based UCC Holding to explore and develop the second phase of the Loran offshore natural gas field.

The agreement represents another step in Caracas' efforts to attract international investment, expand gas production, and revive the country's energy sector.

The second phase of the Loran field is estimated to contain up to 4 trillion cubic feet (tcf) of recoverable natural gas.