XRG, ADNOC’s international energy investment arm, has acquired a stake in the Loran offshore oil field concession in Venezuela from the Venezuelan national oil company.
XRG, along with BP and UCC, holds equal stakes in the concession, which contains proven resources exceeding 4 trillion cubic feet of gas. The field lies within the Laurent-Manate offshore reservoir, which straddles the border between Venezuela and Trinidad and Tobago.
Mohamed El-Eryani, president of XRG's international gas platform, said that Venezuela's large gas resources qualify it for a greater role in meeting regional and international demand, noting that the investment aims to link gas resources to existing infrastructure and develop them responsibly and sustainably.
The investment is part of XRG's strategy to build a global gas and LNG platform and strengthen its presence in Latin America. Its portfolio includes the Rio Grande LNG project in the United States, an Argentine LNG project, and investments in Egypt, Azerbaijan, Turkmenistan, and Mozambique.
In Azerbaijan, XRG holds a 30% stake in the Absheron gas and condensate field and has also acquired a stake in the Southern Gas Corridor. In Mozambique, it acquired a 10% stake in Block 4, which includes the Coral North LNG project with an additional capacity of 3.55 million tons per annum.
In Argentina, the company signed a framework agreement with YPF and Eni to cooperate on a liquefied natural gas project, the first phase of which aims to produce 12 million tons per year.
The expansion isn't limited to gas. In December 2025, XRG completed its acquisition of the German company Covestro, a deal that strengthened the company's global chemicals platform. ADNOC says XRG executed seven deals in high-growth gas and LNG markets during 2025.
Venezuela holds particular importance in the energy sector, possessing approximately 303 billion barrels of proven crude oil reserves, representing about 17% of global reserves. However, its production reached only about 1.08 million barrels per day in July 2026, reflecting a significant gap between its reserves and production. This highlights the need for investment, infrastructure, and technology to develop its resources, especially heavy crude.
According to data from the U.S. Energy Information Administration, Venezuela was the largest supplier of crude oil to the United States among the South and Central American countries listed during June 2026, with exports to the United States amounting to 19.805 million barrels, compared to 4.999 million barrels from Colombia, 4.723 million from Ecuador and 3.394 million from Brazil.
