Abu Dhabi’s ADNOC makes major move into market most Western firms are avoiding

XRG carries a valuation exceeding $150 billion and serves as ADNOC’s international investment company.

ADNOC’s international investment company XRG has entered Venezuela’s offshore gas sector through an interest in the Loran Phase 2 licence.

ADNOC’s XRG will hold an equal working interest with BP and Qatar-based UCC Oil and Gas. BP will operate the project. Venezuela awarded the licence on August 13 2026. Loran Phase 2 contains about 4 trillion cubic feet of recoverable gas resources.

Loran gives XRG a new upstream gas position in Latin America. The asset also offers access to established regional processing infrastructure and defined routes to market.

Loran expands XRG’s international gas portfolio

Loran sits within Venezuela’s Plataforma Deltana offshore area, northeast of the Orinoco Delta. XRG, BP and UCC will each hold an equal participating interest in Phase 2. BP brings operating responsibility and extensive offshore gas experience to the development.

UCC will acquire an interest transferred by PDVSA Gas as part of its entry into the licence. Transaction completion remains subject to regulatory approvals and applicable international compliance requirements.

Project partners will progress subsurface evaluation, facilities engineering and commercial work before determining the final development concept. Available gas monetisation routes will form part of that assessment.

BP’s participation follows an MoU signed with Venezuela in April 2026 covering opportunities across Plataforma Deltana. Loran formed part of that offshore cooperation programme.

Regional infrastructure supports gas commercialisation

Loran extends towards the Manatee field across the maritime boundary with Trinidad and Tobago. Combined recoverable gas resources across Loran and Manatee total about 10 trillion cubic feet.

Shell has started developing Manatee, with first gas expected in 2027. Existing Trinidad and Tobago gas infrastructure provides an established processing and LNG market for regional offshore resources. Plans envisage Venezuelan volumes feeding into that regional gas system.

Infrastructure access strengthens the commercial position of Loran by connecting upstream resources with existing processing capacity. XRG has prioritised investments offering established infrastructure and clear routes to end markets.

Phase 1 and Phase 2 of Loran are expected to progress in parallel. Venezuela awarded the first phase licence in June 2026.

XRG builds a wider Latin America gas position

Venezuela adds another Latin American gas market to XRG’s international portfolio. Argentina already forms a major part of its regional investment pipeline.

ADNOC’s XRG joined YPF and Eni in February 2026 under a joint development agreement for Argentina LNG. The integrated project links Vaca Muerta gas production with liquefaction capacity serving international markets.

Argentina LNG submitted an application in August 2026 for the country’s RIGI investment programme. Planned investment totals $51 billion (AED 187.3 billion), according to YPF. XRG, YPF and Eni back the project.

Loran adds offshore upstream resources to that regional activity. XRG gains exposure to Venezuelan gas while building LNG capacity and export access elsewhere in Latin America.

ADNOC-backed capital targets major gas assets

ADNOC’s XRG carries a valuation exceeding $150 billion (AED 550.9 billion) and serves as ADNOC’s international investment company. Natural gas and LNG remain central areas for its international capital deployment.

US LNG assets already form another part of that expansion. XRG agreed in January 2026 to acquire 7.6 per cent of Trains 4 and 5 at Rio Grande LNG. That investment followed its existing 11.7 per cent interest in the project’s first three trains.

Venezuela extends that portfolio with direct exposure to a large offshore gas resource connected to established regional infrastructure. Equal ownership with BP and UCC combines international capital with experienced project execution.

XRG’s Loran entry gives the UAE-backed company another material gas position across a growing international portfolio spanning the Americas.