Minister Paula Henao: Signing of agreements will boost the country's gas sector
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Published at: 13/08/2026 09:18 PM
This Thursday, August 13, the Minister of the People's Power of Hydrocarbons, Paula Henao, highlighted that the signing of agreements with international companies for phase two of the license for the exploration and exploitation of non-associated gaseous hydrocarbons from the Loran Field will be a major boost in the country's gas sector.
“These agreements are very important for the country. Not only do they denote what the near future of Venezuela will be in terms of gas in the export of these methane gas molecules, first to the Caribbean and then to the future markets where Venezuela will position itself for everything that is the development and export of gas,” he said during an interview with Venezolana de Televisión (VTV).
The minister also highlighted the signing of licenses by British Petroleum (BP) , XRG, from the United Arab Emirates, and UCC Holding, as a great benefit in terms of exports to feed the domestic domestic market.
“We are signing the gas license for the Lorán Phase II Field. This is a gas giant like many other fields that our country has blessed with resources,” he stressed.
He said that “we are proud to be the world's first oil reserve; more than 300 billion barrels is a number that, when viewed in magnitude, is immense. In the case of Venezuela, it has large reserves; we are in the top 10 for global gas.”
“What is sought with the agreements signed today, after more than 100 years of oil history, is not only the production of what heavy crude oils are, but what light crude oils are. (...) we are going to convert gas into that resource that will feed the domestic market into domestic demand,” he said.
He also mentioned that the Hydrocarbons Law encourages foreign investment in the Venezuelan oil industry, which is reflected in the signing of agreements and contracts signed between Petroleos de Venezuela (PDVSA) and different companies around the world.