Abu Dhabi’s XRG, Adnoc's international energy investment unit, has entered Venezuela's energy sector through an offshore natural gas project alongside global oil major bp and Qatar’s UCC.
XRG has been awarded a licence for the Loran field in the South American nation, giving the company a “significant position” as an equal interest partner alongside bp and UCC, it said on Thursday.
“Venezuela holds significant gas resources and has the potential to play a greater role in meeting regional and international energy demand,” Mohamed Al Aryani, president, international gas at XRG, said.
“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.”
Loran forms part of the wider Loran-Manatee offshore gas deposit, which straddles the maritime boundary between Venezuela and Trinidad and Tobago.
Mr Al Aryani 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”.
The latest award of Loran builds on XRG’s strategy of establishing a gas and LNG platform across the Latin American region.
The investment also boosts XRG’s position in the Atlantic Basin, and complements its growing gas and LNG portfolio across North America, South America, Africa, the Caspian and the Middle East, the company said.
Growth spree
XRG has been actively increasing its portfolio of investments globally and plans to double its asset value over the next decade.
Launched in 2024 as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion, it has acquired stakes in several global gas projects.
In June, the Abu Dhabi company and Italy's Eni signed agreements with Argentina’s YPF to acquire stakes in three upstream blocks to supply a new liquefied natural gas project in the South American nation.
XRG and Eni are each buying a 32 per cent interest in the three upstream blocks, with YPF retaining the remaining 36 per cent. The upstream blocks are expected to form a core part of the integrated 12 million tonnes per annum (mtpa) Argentina LNG project, XRG said at the time.
In January, XRG said it has increased its stake in ?the Rio Grande LNG project in the US by 7.6 per cent to build its portfolio.
The expanded shareholding in two LNG trains in Texas increased the company’s exposure to one of the ?world’s largest export facilities.
The investment built on XRG’s initial 11.7 per cent stake in the project’s first three trains, acquired in September last year.
Besides Rio Grande LNG in the US, XRG’s international portfolio of investments includes the Absheron offshore gas and condensate field in Azerbaijan, and the Offshore Block 1 gas concession and condensate field in Turkmenistan. It also has a stake in the Area 4 concession in Mozambique’s Rovuma Basin, including the planned Coral North FLNG and Rovuma LNG onshore development projects.
XRG said its participation in Loran phase 2 will be subject to the definitive licence and development arrangements as well as regulatory approvals.
(The National, August 14, 2026)
