The Daily Journal.— Venezuela authorized the transfer of a stake held by PDVSA Gas to a consortium comprising Britain’s BP, the UAE’s XRG and Qatar’s UCC Oil and Gas Holding to advance the exploration and production of non-associated natural gas in the Lorán Field, located in Block 2 of the Deltana Platform.
The parties formalized the transaction by signing the Participation Assignment Agreements corresponding to Phase II of the Exploration and Production License for Non-Associated Gaseous Hydrocarbons in the Lorán Field, according to the Presidential Press Office.
Hydrocarbons Minister Paula Henao authorized the transfer, which allows BP Exploration (Caribbean), XRG P.J.S.C., and UCC Oil and Gas Holding LLC to acquire part of the operating stake held by state-owned PDVSA Gas in the project.
The agreement brings capital from three major international energy players into the development of offshore gas resources along Venezuela’s Atlantic coast.
Representing BP at the signing ceremony were CEO Meg O’Neill, Senior Vice President for Latin America and the Caribbean David Campbell, and Vice President of New Gas Opportunities Samantha Hayes. XRG’s Director of International Gas Business Development Abdulla Sami Alshamsi represented the company, while UCC Oil and Gas Holding Director Erik Keskula represented the Qatari firm.
Gas as a key investment driver
The Lorán Field forms part of the Deltana Platform, an offshore area with significant gas potential off Venezuela’s eastern coast. The entry of BP, XRG and UCC expands the presence of international companies in the development of non-associated gas. It strengthens the government’s strategy to attract investment and increase the country’s energy capacity.
The transaction aims to develop natural gas exploration and production activities and expand processing and commercialization capacity for these resources.
In April of this year, Acting President Delcy Rodríguez signed a Memorandum of Understanding with BP covering the exploration and production of non-associated gaseous hydrocarbons. In addition to evaluating joint opportunities in the Lorán Field, the agreement also included plans to activate the Cocuina-Manakin Field.
