Adnoc Investment Arm XRG Enters Venezuelan Gas Sector with BP
XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has secured a licence to explore and develop a gas field in Venezuela.
The consortium including XRG also includes UK energy company BP and UCC Oil and Gas Holding, a unit of Qatar’s UCC Holding, according to the UAE state-run Wam news agency.
XRG will hold an equal working interest alongside BP and UCC in the concession. The financial terms were not disclosed.
The offshore Loran licence supports XRG's strategy to build a gas and liquefied natural gas platform across Latin America, according to the statement.
'Venezuela holds significant gas resources and has the potential to play a greater role in meeting regional and international energy demand,' said Mohamed Al Aryani, XRG's president of international gas.