XRG enters Venezuela Loran gas licence
Analysis based on 18 articles · First reported Aug 13, 2026 · Last updated Aug 14, 2026
The deal strengthens XRG's and Abu Dhabi National Oil Company's global gas portfolio, potentially enhancing their long-term LNG supply positions and market valuation. It also signals renewed international investment in Venezuela's energy sector, which could positively impact sentiment toward the country's oil and gas industry, though sanctions and regulatory hurdles remain.
XRG, Abu Dhabi National Oil Company's international energy investment company, has been awarded an interest in Venezuela's offshore Loran gas licence, marking its entry into the country. The licence, transferred by Petróleos de Venezuela — PDVSA, contains over 4 trillion cubic feet of proven gas resources and is part of the wider Loran-Loran Manatee accumulation straddling the maritime boundary between Venezuela and Trinidad and Tobago. XRG will hold an equal working interest alongside BP and UCC Oil and Gas, with BP operating the Loran Phase 2 development. The award follows an April 2026 memorandum of understanding between BP and the Venezuelan government and is subject to regulatory approvals and international sanctions compliance. This investment expands XRG's Latin American gas and LNG platform, complementing its positions in Argentina, the US, Egypt, Azerbaijan, Turkmenistan, and Mozambique. The project is expected to advance alongside Shell-operated Loran Manatee and Loran Phase 1, potentially utilizing existing liquefaction infrastructure in Trinidad and Tobago.
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