Abu Dhabi's XRG secures licence for Loran offshore gas field alongside bp and Qatar's UCC, marking first entry into Venezuela's energy market.
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Abu Dhabi's XRG, the international energy investment unit of Adnoc, has entered Venezuela's energy sector through an offshore natural gas project. The company has been awarded a licence for the Loran field, securing an equal interest partnership alongside global oil major bp and Qatar's UCC, according to a statement on Thursday. This marks XRG's first entry into Venezuela's energy market and gives the company what it described as a "significant position" in the South American nation's gas sector.
The deal comes amid ongoing international attention on Venezuela's oil and gas industry, which has faced sanctions and economic challenges. The partnership brings together three major energy players in what appears to be a strategic positioning in the region's gas market.
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Sources: 1. The National: Abu Dhabi's XRG enters Venezuela with offshore natural gas licence award — https://www.thenationalnews.com/business/energy/2026/08/14/abu-dhabis-xrg-enters-venezuela-with-offshore-natural-gas-licence-award/ (src1) 2.