BP granted license for Venezuela's Loran gas field in partnership with XRG, UCC

BP will operate the second-phase project, in which it holds equal working interests with UCC Holding's oil and gas unit and XRG, owned by the Abu Dhabi National Oil Company (ADNOC), BP added.

"We should not only push for the country's oil development, but for growing our gas resources," oil minister Paula Henao said during the signing ceremony.

BP had inked a memorandum of understanding with Venezuela's government in April, which established a framework for cooperation in exploration and development in the Plataforma Deltana offshore project, which includes the Loran field.

Loran builds on XRG's strategy to establish a gas and liquefied natural gas platform across Latin America, the company said in a separate release.

Loran extends into the Shell-operated Manatee field in Trinidad and Tobago, where Venezuela's gas plans to be industrialized and turned into LNG. Together, the fields hold about 10 TCF of recoverable gas.

Shell has already begun developing Manatee, with first gas expected next year, and will follow with Loran's first phase for a total of 4.4 TCF of gas to be produced from both.

BP and Venezuelan officials on Thursday also signed a memorandum of understanding to evaluate exploration opportunities at the Carupano East block, part of the Mariscal Sucre maritime area off the country's northeastern coast.

CARACAS, Aug. 13 (Reuters) - BP, in partnership with United Arab Emirates' firm XRG and a unit of Qatar's conglomerate UCC Holding, has secured a license to explore and develop the second phase of Venezuela's offshore Loran gas field, the British company and government officials said on Thursday.