Venezuela Seals Deal with UK, UAE, Qatar for Loran Gas Field Development

Venezuela has formalized a strategic alliance with international corporations to advance the exploration and exploitation of natural gas in the crucial Loran field. The agreement, signed on Thursday, involves BP Exploration Caribbean (United Kingdom), XRG (United Arab Emirates), and UCC Oil and Gas (Qatar).

The Loran field, situated on the Deltana Platform, is a vast reserve encompassing seven gas fields, with six extending across the border into Trinidad and Tobago. The deal signifies a major push to resume production from this giant field, which has been dormant for 23 years.

Venezuelan Vice President Delcy Rodríguez hailed the multipolar consortium as vital for the technical development of the Loran field. She emphasized the project's importance in boosting national industrial processes and petrochemicals, aiming to position Venezuela as a significant gas exporter.

BP's Executive Director, Meg O’Neill, expressed honor at signing the agreement and committed to accelerating operational work to unlock the area's energy potential swiftly. This second phase of the Loran project complements earlier agreements, including one with Shell for Phase I and others for optimizing production units in Monagas state.

The reactivation of these non-associated gas fields occurs within the framework of Venezuela's recent reforms to its Hydrocarbons Law. These changes have eased conditions for private and foreign capital participation in the nation's energy sector, signaling a move towards greater international collaboration in its oil and gas industry.

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I can announce with satisfaction to the country that after 23 years we have finally managed to give impetus to gas production in this extraordinary and giant field like Loran.