Commodities
ADNOC Subsidiary Takes Stake in Venezuelan Offshore Gas Field
XRG, a subsidiary of Abu Dhabi's ADNOC, is making one of the most significant new foreign investments in Venezuela's vast offshore natural gas resources. The company has taken a stake in the Loran field, which holds more than 4 Tcf (trillion cubic feet) of gas.
The project aims to unlock Venezuela's offshore natural gas for international markets and establish a direct path for its gas into the global LNG trade.
Venezuela is pursuing LNG export deals, and XRG's investment in Loran could access existing infrastructure. This move marks one of the most significant foreign investments in Venezuela's offshore natural gas resources.