Minister Henao described it as a historic agreement to develop phase 2 of the Loran field

Published at: 13/08/2026 02:19 PM

This Thursday, August 13, the Minister of People's Power for Hydrocarbons, Paula Henao, described as a “historic milestone” the signing of energy agreements with British Petroleum (BP), XRG, from the United Arab Emirates, and UCC, from Qatar, to advance the development of the second phase of the Loran gas field.

“Today we are witnessing this historic signature and that soon we are going to witness that production, of that molecule that comes from this giant that is Loran,” he said from the Miraflores Palace.

He highlighted the potential of the project to increase natural gas production. “This agreement will not only contribute to the growth of Venezuela in terms of gas (...) but we are going to boost the growth of that other hydrocarbon of which we also have a lot of wealth,” he said.

He also assured that the objective is for the volume extracted from the deposits to translate into benefits for the Venezuelan people.

For her part, BP's executive director, Meg O'Neill, highlighted the importance of the agreement to accelerate the development of the field. “It's an honor to formally sign this agreement for the development of phase 2 at the Loran field. We want to accelerate the development of this important natural gas resource for the benefit of the people of Venezuela,” he said.

The BP executive thanked the Venezuelan authorities and their partners in the joint venture for their confidence to continue working on the development of the gas project.

Mazo News Team