In a key milestone for the strengthening of the country’s energy potential, the National Government, through the Ministry of People’s Power for Hydrocarbons, formalized the granting of exploration and exploitation rights for Phase II of the Lorán Field, a world-class deposit located on the Deltan Platform.
During the signing ceremony, the President of the Republic, Delcy Rodríguez, highlighted the historical significance of this step after more than two decades of negotiations: «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 as is Lorán, adjacent to the Manatí field, which is on one side of Trinidad and Tobago.»
The president emphasized the strategy of consolidating the country’s export profile and boosting internal socioeconomic development through gas, stating, «I have a special focus on gas for national development, to give impetus to industrial processes in Venezuela, to the petrochemical industry in Venezuela, but also, as I have said, to become not only an oil-exporting country, but also a gas-exporting country. May Venezuela’s energy, when it crosses our borders, bring well-being to other nations.»
For her part, the Minister of People’s Power for Hydrocarbons, Paula Henao, highlighted the transformative value of the gas field for the nation: «a gas giant that will not only contribute to Venezuela’s growth in gas production… but that must also guarantee that all the volume we can extract from the fields can materialize into benefits for our people, for our country.»
The development of this project will be carried out through a strategic international alliance, in which BP Exploration (Caribbean) Limited, UCC Oil And Gas Holding LLC, and XRG P.J.S.C. will hold equal stakes, where the technical operation will be under the responsibility of the BP Exploration company.
The Lorán Field has world-class non-associated gas reserves, and thus the granting of this license will allow for the projected development of up to four trillion cubic feet of gas. This will accelerate investment, incorporate cutting-edge deepwater technology, and monetize for the Republic the area’s significant reserves, while also opening up access to international export markets.
This new phase will build upon the progress achieved during the initial operational period, strengthening energy development on the Atlantic facade.
Furthermore, the execution of works will be carried out under strict controls and international best practices in oil, gas, and operational safety matters, guaranteeing the protection of the ecosystem in the zone and the socioeconomic development of the eastern region of the country.
With the completion of this agreement, the Government of the Bolivarian Republic of Venezuela ratifies its openness to international strategic alliances to position the country as a power in the global gas market.