XRG PLANS VENEZUELA ENTRY THROUGH OFFSHORE LORAN GAS LICENCE

XRG, ADNOC’s international energy investment company, has entered Venezuela after being awarded an interest in the offshore Loran gas licence, the company said on Thursday.

The interest was awarded by the Venezuelan government and transferred by state-owned PDVSA Gas. Subject to regulatory approvals, XRG will hold an equal interest in the licence alongside bp and UCC.

The licence contains more than 4 trillion cubic feet of proven gas resources, according to XRG. The project has a potential route to market through existing infrastructure, the company added.

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

“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 of 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.”

XRG said its participation in Loran phase two would be subject to definitive licence and development arrangements, government and regulatory approvals, and relevant international sanctions and compliance requirements.

The investment expands the Abu Dhabi-based company’s gas and liquefied natural gas portfolio in Latin America and strengthens its position in the Atlantic Basin.

XRG’s other investments include Rio Grande LNG in the US and the planned Argentina LNG project, which remains subject to regulatory approvals.

Its portfolio also includes Arcius Energy in Egypt, Azerbaijan’s Absheron gas field and Southern Gas Corridor, Turkmenistan’s Offshore Block 1 and Mozambique’s Area 4 concession.

XRG is wholly owned by ADNOC and invests internationally in natural gas, chemicals and energy projects.

2026-08-17T08:12:08Z