Abu Dhabi's XRG enters Venezuela with offshore natural gas licence award
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. The licence…
Abu Dhabi's XRG energy investment unit has secured a significant offshore natural gas licence in Venezuela, partnering with BP and Qatar's UCC. XRG's Loran field licence, awarded for Phase 2, encompasses over 4 trillion cubic feet of proven gas resources, positioning the company as a major player in the South American market. Mohamed Al Aryani, president of XRG's international gas division, highlighted the potential of Venezuela's gas reserves to meet regional and global energy demands.
The Loran project is part of a broader offshore gas deposit spanning Venezuela and Trinidad and Tobago, aiming to integrate Venezuelan gas into existing infrastructure for long-term value creation. This move aligns with XRG's strategy to expand its gas and LNG footprint across Latin America, Africa, the Middle East, and North America, with the goal of doubling asset value over the next decade.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
