(WO) — XRG, ADNOC’s international energy investment company, is entering Venezuela through an interest in the offshore Loran gas license, expanding its Latin American gas portfolio alongside bp and UCC.
The license contains more than 4 Tcf of proven natural gas resources and forms part of the wider Loran-Manatee offshore gas accumulation, which straddles the maritime boundary between Venezuela and Trinidad and Tobago.
Under the transaction, XRG will acquire an interest transferred by PDVSA Gas and participate in the license alongside bp and UCC. The companies will hold equal interests, according to XRG. The transaction remains subject to regulatory approvals and applicable international sanctions and compliance requirements.
“Venezuela holds significant gas resources and has the potential to play a greater role in meeting regional and international energy demand,” said Mohamed Al Aryani, president of International Gas at XRG.
“Our entry through Loran reflects XRG’s strategy to invest with partners in advantaged resources with access to established infrastructure and clear routes to market,” Al Aryani continued. “By connecting Venezuelan gas with established infrastructure, we aim to support the responsible development of these resources, strengthen regional energy integration and create long-term value for Venezuela, our partners and local communities.”
The Loran Phase 2 investment adds to XRG’s efforts to build a broader gas and LNG platform in Latin America. The company is also pursuing Argentina LNG and holds international gas positions spanning the U.S., Egypt, Azerbaijan, Turkmenistan and Mozambique.
XRG said Loran’s proximity to existing infrastructure provides a potential route to market for the offshore gas resources and strengthens the company’s position in the Atlantic Basin.
Participation in Loran Phase 2 remains subject to definitive license and development arrangements, government and regulatory approvals, and applicable international sanctions and compliance requirements.
About The Author
