ADNOC's XRG Ventures into Venezuela with Loran Gas Stake

Aug 13, 2026

75 min

Aug 13, 2026 19:31

Adnoc's XRG enters Venezuela with stake in major offshore gas licence

## Expansion into Venezuela

ADNOC's international energy arm, XRG, has taken a significant step by acquiring a stake in Venezuela's Loran offshore gas licence. This move marks XRG's entry into the Venezuelan market, expanding its presence in the Atlantic Basin.

## Strategic Partnership

XRG has been awarded an interest in the Loran licence, alongside partners bp and UCC, pending regulatory approvals. The licence holds over 4 trillion cubic feet of proven gas resources, making it a valuable addition to XRG's growing international portfolio.

## Importance of Loran

The Loran gas field is part of the larger Loran-Manatee accumulation, which spans the maritime boundary between Venezuela and Trinidad and Tobago. The combined resource is estimated at around 10 trillion cubic feet, with the majority located in Venezuelan waters.

## Infrastructure and Market Access

Loran's proximity to existing gas and LNG infrastructure in Trinidad and Tobago offers potential market access without the need for new export systems. This strategic location aligns with XRG's goal of connecting Venezuelan gas to established infrastructure and markets.

## Broader Portfolio

XRG's investment in Loran complements its diverse international gas holdings, which include projects in the US, Argentina, Egypt, Azerbaijan, Turkmenistan, and Mozambique. This geographical diversification is key to building a robust international gas platform.

## Future Prospects

XRG's entry into Venezuela underscores its strategy to invest in resources with clear routes to market. By leveraging existing infrastructure, XRG aims to support the development of Venezuelan gas resources, enhancing regional energy integration and creating long-term value.

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