The government of Venezuela has awarded an exploration and production license for the 4tcf Phase 2 development of the offshore Loran gas field to a consortium of BP, Adnoc’s XRG and Qatari-Syrian company UCC Holding. Each partner will hold a 33.33% stake in the project, which will be operated by BP.
President Delcy Rodriguez attended the 13 August signing ceremony, underscoring the importance for Venezuela of attracting new investors into its energy sector. US President Donald Trump has also repeatedly called for foreign firms – especially from the US – to invest in Venezuela following the US capture and removal of President Nicolas Maduro in January (MEES, 9 January). (CONTINUED – 901 WORDS)
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