Abu Dhabi [UAE], August 14: XRG, ADNOC's international energy investment company, today announced its entry into Venezuela through the award of the offshore Loran licence by the Bolivarian Republic of Venezuela, and the transfer of interest in the license by PDVsA Gas. Subject to customary regulatory approvals, XRG will hold an interest in the licence alongside bp and UCC. The licence contains over 4 trillion cubic feet of proven gas resources and would add meaningfully to XRG's growing Latin America platform while enhancing its position in the Atlantic Basin.
Mohamed Al Aryani, President, International Gas, XRG, said: "Venezuela holds significant gas resources and has the potential to play a greater role in meeting regional and international energy demand. Our entry through Loran reflects XRG's strategy to invest with partners in advantaged resources with access to established infrastructure and clear routes to market. By connecting Venezuelan gas with established infrastructure, we aim to support the responsible development of these resources, strengthen regional energy integration and create long-term value for Venezuela, our partners and local communities."
Loran forms part of the wider Loran-Manatee offshore gas accumulation, which straddles the maritime boundary between Venezuela and Trinidad and Tobago.
Loran phase 2 builds on XRG's strategy to establish a gas and LNG platform across Latin America. This milestone was made possible through close collaboration with the Government of the Bolivarian Republic of Venezuela, whose constructive engagement helped establish the framework for XRG's participation in Loran.
This project gives XRG a significant position in this region as an equal interest alongside bp and UCC, in an offshore gas licence containing over 4 trillion cubic feet of proven resources, with a potential route to market through established infrastructure.
The investment also enhances XRG's position in the Atlantic Basin and complements its growing gas and LNG portfolio across the North America, South America, Africa, the Caspian and the Middle East. XRG's positions include Rio Grande LNG in the United States, Argentina LNG (subject to customary regulatory approvals), Egypt through Arcius Energy, Azerbaijan's Absheron field and Southern Gas Corridor, Turkmenistan's Offshore Block 1 and Mozambique's Area 4 concession. Collectively, these investments support XRG's ambition to build an international gas platform that connects world-class resources, infrastructure and access to customers internationally.
XRG's participation in Loran phase 2 will be subject to the definitive licence and development arrangements, applicable governmental and regulatory approvals, and all relevant international sanctions, compliance requirements.
Source: Emirates News Agency
