Shell and bp
Venezuela has announced that it has awarded Shell and bp a Non-Associated Gas Licence for development of the offshore Loran gas field.
Loran contains an estimated 7.0–7.5 tcf of gas and forms the Venezuelan portion of the Loran–Manatee accumulation, one of the largest undeveloped cross-border gas resources in the continent.
The Manatee field, located in T&T waters, contains a further 2.6–2.7 tcf. Together, the two structures hold close to ~10.5 tcf of gas.
The award follows Chevron’s relinquishment of its 60% interest in the Loran licence as part of the asset swap agreement formalised with PDVSA on 13 April 2026.
Under the transaction, Chevron secured Ayacucho 8 (Marikitare), an extension to its Petropiar development in the Orinoco Belt, while returning Loran and other offshore exploration acreage to the Venezuelan state.
The development of Manatee is already well advanced. Shell took FID on the T&T side in 2024, with first gas expected in 2027. The project will provide important infrastructure and commercial momentum for the eventual development of Loran.
The Loran–Manatee field was unitised in 2010 but effectively de-unitised in 2019, allowing each country to develop its respective share independently. Nevertheless, given the transboundary nature of the reservoir, a new unitisation agreement is expected to be the next step.