Venezuela has awarded BP a licence to develop Phase Two of the Loran offshore gas field, which contains an estimated four trillion cubic feet of recoverable gas.
During yesterday’s signing ceremony, Acting President Delcy Rodríguez announced that after 23 years, the country is finally moving ahead with gas production at Loran.
In a statement, BP said it will operate the project in partnership with energy companies from the UAE and Qatar, with each holding an equal share.
Loran is located the Venezuelan side of the cross-border Loran-Manatee gas field, with six of its seven gas deposits extending into Trinidad and Tobago waters.
The combined Loran-Manatee field holds about 10 trillion cubic feet of gas.
On the Trinidad side, Shell is developing the Manatee field, with first gas expected next year.
