UCC Explores Additional Venezuelan Fields
UCC Oil and Gas Holding‘s head of upstream, Erik Keskula, made the remarks in Caracas at the Venezuela International Oil and Gas Summit. He said the company was seeking suitable opportunities across Venezuela’s energy sector. No specific fields, partners, investment values, or timelines were disclosed.
The statement follows UCC’s entry into the Loran project earlier that year. In August 2026, Venezuela awarded a long-term exploration and production licence for Loran Phase 2 to BP Exploration Caribbean, XRG, and UCC. XRG is an energy investment arm of Abu Dhabi National Oil Company. BP operates the licence. All three partners hold equal working interests.
Loran Phase 2 sits in Venezuela’s Plataforma Deltana, along the maritime border with Trinidad and Tobago. It is among the largest offshore gas projects in Venezuelan waters. Shell holds rights for the adjacent Loran Phase 1, which is expected to advance in parallel.
What Does the Loran Licence Mean for Investors?
Reuters figures show Loran’s total estimated reserves at roughly 7.3 trillion cubic feet. Phase 2 alone holds an estimated 4 trillion cubic feet of recoverable gas. Those numbers place Loran among the more material offshore gas developments in the region.
For UCC, the licence delivers immediate exposure to Venezuelan offshore resources. The partnership pairs a Qatari operator with BP and an Abu Dhabi-backed vehicle. That combination brings technical depth and geopolitical weight to the project. However, Loran Phase 2 remains at an early stage. No production timeline has been confirmed.
Keskula’s remarks signal that UCC views Loran as a platform, not a ceiling. The company is clearly assessing whether additional field awards can extend its Venezuelan footprint. As one analyst framing the position neatly: UCC is using Loran to establish credibility in Venezuela before bidding for a broader upstream role.
Qatar Deepens Ties With Caracas
The Caracas summit provided wider diplomatic context. On the same day, Qatar’s Minister of State for Foreign Affairs, Mohammed bin Abdulaziz bin Saleh Al-Khulaifi, met Venezuela’s acting president, Delcy Rodríguez. Qatari government reporting described the meeting as focused on bilateral cooperation. No specific agreements were announced.
Venezuela is actively courting international energy investment following recent political shifts. The VIOGS 2026 summit brought several international operators to Caracas. UCC’s attendance and Keskula’s public remarks position the company as an engaged and ambitious participant in that process.
Meanwhile, the broader signal is strategic rather than financial. No additional Venezuelan agreement has been signed. The immediate value lies in what UCC’s presence signals about Qatar’s upstream appetite in Latin America.
What to Watch Next
Investors should monitor three indicators: a formal field award beyond Loran, the production-sharing structure for Phase 2, and the financing framework for development capital. Progress on any one of those fronts would convert a strategic signal into a bankable commitment.
Quick answers
UCC holds an equal one-third working interest in the Loran Phase 2 offshore gas licence alongside BP, which operates the project, and XRG, an energy investment arm of Abu Dhabi National Oil Company. The licence was awarded in August 2026.
Reuters figures put Loran’s total estimated reserves at roughly 7.3 trillion cubic feet. Phase 2 alone is estimated to hold around 4 trillion cubic feet of recoverable gas.
No formal agreement has been announced. UCC’s head of upstream, Erik Keskula, stated in Caracas on 29 September 2026 that the company was in talks about additional areas, but no specific fields or terms were disclosed.
