ADNOC's XRG advances global gas strategy with Venezuela entry

XRG, ADNOC’s international energy investment company, has announced its entry into Venezuela through the award of the offshore Loran licence, and the transfer of interest in the licence by PDVSA Gas.

Subject to customary regulatory approvals, XRG will hold a stake alongside BP and UCC.

The licence contains over 4 trillion cubic feet of proven gas resources and would add meaningfully to XRG’s growing Latin America platform while enhancing its position in the Atlantic Basin.

Mohamed Al Aryani, President, International Gas, XRG, said: “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.”

Loran forms part of the wider Loran-Manatee offshore gas accumulation, which straddles the maritime boundary between Venezuela and Trinidad and Tobago.

Loran phase 2 builds on XRG’s strategy to establish a gas and LNG platform across Latin America.

This milestone was made possible through close collaboration with the Government of Venezuela, whose constructive engagement helped establish the framework for XRG’s participation in Loran.

The investment also enhances XRG’s position in the Atlantic Basin and complements its growing gas and LNG portfolio across the North America, South America, Africa, the Caspian and the Middle East.

XRG’s positions include Rio Grande LNG in the United States, Argentina LNG (subject to customary regulatory approvals), Egypt through Arcius Energy, Azerbaijan’s Absheron field and Southern Gas Corridor, Turkmenistan’s Offshore Block 1 and Mozambique’s Area 4 concession.

XRG’s participation in Loran phase 2 will be subject to the definitive licence and development arrangements, applicable governmental and regulatory approvals, and all relevant international sanctions, compliance requirements.