ADNOC-backed investment company XRG has entered Venezuela’s energy sector after securing an interest in the offshore Loran gas licence, expanding its growing international natural gas portfolio into another major Latin American market.
The agreement covers the second phase of the Loran development and brings XRG alongside bp and UCC Oil & Gas Holding. The three companies will hold equal working interests, while bp is expected to lead the project. The transaction remains subject to the required regulatory approvals.
Loran Adds Major Gas Resource to XRG Portfolio
The Loran Phase 2 licence provides access to around 4 trillion cubic feet of gas resources off Venezuela’s northeastern coast.
The wider Loran field is estimated to contain about 7.3 trillion cubic feet of gas. It forms part of the cross-border Loran-Manatee accumulation shared by Venezuela and neighbouring Trinidad and Tobago. Combined resources across the two areas are estimated at roughly 10 trillion cubic feet.
The project is particularly attractive because of its proximity to Trinidad and Tobago’s established gas processing and LNG infrastructure. This could provide a practical export route while reducing the need to build an entirely new liquefied natural gas system.
XRG Expands Atlantic Basin Strategy
The Venezuelan investment strengthens XRG’s presence in the Atlantic Basin as the Abu Dhabi-based company continues building an international gas and LNG business.
XRG already has gas-related investments and projects across markets including the United States, Egypt, Azerbaijan, Turkmenistan and Mozambique, while it is also pursuing opportunities in Argentina. The company has positioned international gas as one of the main pillars of its global investment strategy.
XRG President of International Gas Mohamed Al Aryani said the company sees significant potential in Venezuela’s gas resources and believes improved links with existing infrastructure could support regional energy integration and create long-term value.
The Loran deal also comes as international energy companies show renewed interest in Venezuela’s offshore resources. Shell received rights for the first phase of Loran earlier in 2026, while bp, XRG and UCC are set to participate in the second phase.
For XRG, the investment represents another step toward creating a geographically diversified gas portfolio built around large resources, established infrastructure and access to international markets.
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