CARACAS, Venezuela – August 13, 2026 – UCC Holding, through its subsidiary UCC Oil and Gas,today announced that it has been granted a participating interest in the Phase 2 license for the Loran offshore gas field in Venezuela, following the execution of the relevant license documents by Venezuela’s Minister of Hydrocarbons.Based on current technical estimates,Loran Phase 2 contains approximately 4 trillion cubic feet of recoverable gas resources.
The Loran field is located within the Plataforma Deltana offshore area in the Atlantic Ocean, northeast of the Orinoco Delta and near Venezuela’s maritime boundary with Trinidad and Tobago. Under the agreed structure for Phase 2, bp, XRG and UCC Oil and Gas will each hold an equal participating interest, with bp acting as operator.The participation expands UCC Holding’s international energy portfolio and strengthens its presence in the upstream gas sector.
“Loran is a material offshore gas resource in a region with established demand and existing regional processing capacity,” said Erik Keskula, CEO, Upstream, UCC Oil and Gas. Adding: “Our participation represents an important step in the continued expansion of UCC Holding’s international energy portfolio. We are pleased to work with the Government of Venezuela and our partners to advance Loran in this next stage of development.”
The consortium’s immediate focus is the technical and commercial work required to define the final development concept, including subsurface evaluation, facilities engineering and the assessment of available monetization routes for the field’s gas. Any development decision will be taken by the consortium in accordance with the license terms and subject to the required governmental and regulatory approvals.
UCC Holding, a subsidiary of Power International Holding, is a Qatar-based, privately held international group operating across energy, mining, concessions and construction. With a presence across 25 countries, UCC Holding has delivered more than 1,300 projects and over 60 million square meters of built-up area.Its integrated capabilities combine strategic investment, technical expertise and operational execution to deliver complex projects that support economic growth and create long-term value.