Venezuela has awarded a license to British Petroleum (bp), UAE-based XRG, and Qatar-based UCC Holding to explore and develop the second phase of the Loran offshore natural gas field, as Caracas seeks to attract foreign investment and revive its energy sector, according to bp’s statement.

The license, announced by Venezuela’s acting President Delcy Rodríguez, covers the development of the field’s second phase, which contains an estimated 4 trillion cubic feet (tcf) of recoverable gas. bp will operate the project alongside XRG, the investment arm of Abu Dhabi National Oil Company (ADNOC), and UCC Holding, with the three companies holding equal interests.

Rodríguez said the government has placed particular emphasis on natural gas as part of its efforts to support national development.

The move marks a renewed push by Venezuela to open its energy sector to international investors following reforms aimed at facilitating greater foreign participation. The development also comes after Venezuela previously awarded Shell the license to develop the first phase of the Loran field.

The Loran field is estimated to hold around 7.3 tcf of total reserves, with its second phase expected to provide access to up to 4 tcf of gas. The field is also connected to Trinidad and Tobago’s Manatee gas field, creating potential opportunities for regional gas development and exports.

The latest agreement highlights Venezuela’s efforts to leverage its substantial gas resources by bringing in international energy companies with the technical and financial capabilities to develop offshore reserves.