00:00BP has announced that the global energy giant and the government of Venezuela have signed agreements to advance offshore gas
00:06development, including the award of an exploration and production license for Phase 2 of the Loran Field in the Plataforma
00:14del Tana area.
00:15BP said the agreements were finalized during an official visit to Venezuela by BP Chief Executive Officer Meg O'Neill
00:23and BP Senior Vice President of Latin America and the Caribbean David Campbell, whose responsibilities includes BP's operations in Trinidad
00:32and Tobago.
00:33Loran is part of the Loran-Manatee Maritime Natural Gas Field, with the larger Loran being in Venezuela's waters and
00:40Manatee being in Trinidad and Tobago's waters.
00:42In April of this year, Energy Minister Dr. Rudal Munilal said, following the government's discussions with Shell, with the mandate
00:49from Prime Minister Kamda Pesad-Besessa, an increase in production is expected from what the government has deemed Manatee Plus.
00:56BP said on Thursday that Loran Phase 2 in Venezuela's waters contains an estimated 4 trillion cubic feet of recoverable
01:04gas resources.
01:05BP, however, will operate the development.
01:07BP said the license follows the Memorandum of Understanding signed by BP and the Government of Venezuela in April 2026,
01:14which established a framework for cooperation and exploration and future development opportunities in the Plataforma del Tana area, including the
01:22Loran offshore gas field.
01:24This follows the Prime Minister's announcement on Monday regarding another cross-border gas supply deal, the one for Mannequin Coquina,
01:31signed by BP and Trinidad and Tobago's National Gas Company.
01:35The Coquina Field sits on the Venezuela side, and the Mannequin Field sits on the Trinidad and Tobago side.
01:41NGC, in keeping with the Prime Minister's announcement, said it signed agreements with BPTT to acquire a 20% participating
01:48interest in Block 5B production-sharing contract, within which the Mannequin Field is situated.
01:56Jewel Brown, TV6 News.
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