XRG Secures Equal Stake in Venezuela's Loran Gas Field
Abu Dhabi's XRG, the international energy investment arm of Adnoc, has entered Venezuela's energy sector through an offshore natural gas licence awarded for the Loran field, the company announced on Thursday, August 14. The award gives XRG a significant position as an equal-interest partner alongside global oil major bp and Qatar's UCC Oil and Gas Holding, subject to regulatory approvals, with bp serving as operator of the project.
The licence for Loran phase 2 contains more than 4 trillion cubic feet of proven natural gas resources, adding meaningfully to XRG's growing presence in Latin America. Loran forms part of the wider Loran-Manatee offshore gas deposit, which straddles the maritime boundary between Venezuela and Trinidad and Tobago. Mohamed Al Aryani, XRG's president of international gas, said the entry reflects the company's strategy of investing with partners in "advantaged resources with access to established infrastructure and clear routes to market," adding that connecting Venezuelan gas to existing infrastructure would help strengthen regional energy integration.
Deal Builds on XRG's Wider Latin America and Global Gas Push
XRG was launched in 2024 as Adnoc's lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion, and has set a goal of doubling its asset value over the next decade. The Loran award follows a series of Latin American moves, including a June agreement with Italy's Eni to acquire upstream stakes alongside Argentina's YPF to supply a new liquefied natural gas project, and a January increase in XRG's stake in the Rio Grande LNG project in Texas.
Beyond the Americas, XRG's international portfolio includes the Absheron offshore gas and condensate field in Azerbaijan, the Offshore Block 1 gas concession in Turkmenistan, and a stake in Mozambique's Area 4 concession, which includes the planned Coral North FLNG and Rovuma LNG onshore developments. XRG said its participation in Loran phase 2 remains subject to definitive licence and development agreements, along with applicable government, regulatory and sanctions compliance approvals.
