Venezuela Signs License for Loran Natural Gas Field Development

Venezuela is making a comeback on the global natural gas stage after signing a license for the development of phase two in the Loran field. The agreement will allow Venezuela to reinsert itself on the map of methane gas exporters, with Trinidad and Tobago and Caribbean countries as the first destinations.

According to authorities from the energy sector, the ministry of People's Power for Hydrocarbons, led by Paula Henao, along with Petróleos de Venezuela S.A. (PDVSA) president Héctor Obregón, and vice president of PDVSA Gas Jannier Viloria, explained the scope of this agreement.

'Our acting vice president has promoted the development of the gas industry because she understands the importance of gas, not only for household and industrial use, but also for what the monetization of this resource represents in the global energy matrix,' Henao said.