XRG enters Venezuela through major Loran gas deal
Arabian Post Staff -Dubai XRG has entered Venezuela’s energy sector after securing an interest in the offshore Loran gas licence, extending Abu Dhabi National Oil Company’s international investment arm deeper into Latin America’s natural gas and liquefied natural gas market. The Abu Dhabi-based company will participate alongside BP and UCC Oil and Gas Holding in the second phase of Loran, a large…
XRG has secured an interest in Venezuela's offshore Loran gas licence, marking its entry into the country's energy sector. This move expands Abu Dhabi National Oil Company's international investment arm, Abu Dhabi National Oil Company (ADNOC), into Latin America's natural gas and liquefied natural gas market. The partnership, which involves BP and UCC Oil and Gas Holding, will develop more than 4 trillion cubic feet of gas, with the combined Loran-Manatee accumulation containing about 10 trillion cubic feet of recoverable gas.
The project is expected to come online in 2027, with peak output at about 604 million standard cubic feet per day. XRG's participation in this venture signifies a strategic shift towards building an international gas and LNG platform.
Written by urgent.news from Arabian Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
