ADNOC’s international investment arm, XRG, has been awarded an interest in Venezuela’s offshore Loran licence following approval by the Bolivarian Republic of Venezuela and a transfer of interest by PDVsA Gas.
The licence will be held equally with BP and UCC Oil and Gas and is subject to regulatory approvals.
The Loran licence holds more than four trillion cubic feet (tcf) of proven gas resources.
This offshore area is part of the Loran-Manatee gas accumulation, which is located along the maritime boundary between Venezuela and Trinidad and Tobago.
The award supports XRG’s strategy to connect gas resources, infrastructure and international markets in the Atlantic Basin and Latin America using a partnership-led approach.
XRG international gas president Mohamed Al Aryani 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."
The entry into Venezuela marks a further step in XRG’s efforts to build a regional gas and liquefied natural gas (LNG) portfolio.
XRG’s holdings in other areas include Rio Grande LNG in the US, Argentina LNG pending approval, Arcius Energy in Egypt, Azerbaijan’s Absheron field, the Southern Gas Corridor, Turkmenistan’s Offshore Block 1, and Mozambique’s Area 4 concession.
BP’s licence award for Loran phase 2 follows a memorandum of understanding (MoU) signed with the Venezuelan government in April 2026. The MoU set a framework for cooperation in offshore exploration and development in the Plataforma Deltana area.
XRG, BP, and UCC will each hold an equal working interest under this arrangement. BP will operate the Loran Phase 2 development.
BP CEO Meg O'Neill said: “The award of the Loran Phase 2 licence is an important step forward. It builds on the strong collaboration we have established with the Government of Venezuela and our partners and reflects the progress we have made together.”
A separate MoU between BP and the Venezuelan government covers evaluation of the Carúpano East Block in the Mariscal Sucre maritime area.
XRG’s participation in Loran phase 2 remains subject to definitive agreements, necessary regulatory approvals, and compliance with international sanctions.
The agreements were signed during an official visit to Venezuela by BP CEO Meg O’Neill and senior vice president David Campbell.
In January this year, XRG announced plans to increase its stake in NextDecade’s Rio Grande LNG project, a LNG export terminal facility at the Port of Brownsville in Texas.
