Abu Dhabi's XRG Secures Stake in Venezuela's Loran Offshore Gas Field

Abu Dhabi National Oil Company (ADNOC) subsidiary XRG has secured a stake in the license for the Loran offshore gas field in Venezuela. The gas field has confirmed reserves of 40 trillion cubic feet, and XRG will acquire the stake from Venezuela's state-owned PDVSA. XRG will hold one-third of the stake alongside BP from the UK and UCC Holdings from Qatar. The Loran offshore gas field is located near the Dragon gas field operated by Shell, and both fields are of similar size. The president of XRG's global gas division stated that Venezuela possesses significant gas resources and has the potential to contribute to meeting energy demand. This transaction marks XRG's first entry into Venezuela's energy sector, with the license stake implying the right to participate in development and production. Actual production levels may vary based on development plans, infrastructure, and regulatory approvals. This entry comes amid transportation burdens of crude oil and natural gas from the UAE and Qatar. Venezuela continues to attract foreign energy companies to reactivate oil and gas fields that have faced long-term development delays. The timeline for the transfer of the Loran gas field stake to translate into actual production schedules and export volumes has not been disclosed.

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