---
title: "XRG Secures Stake in Venezuela’s Loran Gas Licence Alongside BP and UCC"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2026-08-16T08:56:38+00:00"
modified: "2026-08-16T08:56:38+00:00"
date: 2026-08-16
canonical: "https://stockmark.it/xrg-secures-stake-in-venezuelas-offshore-loran-gas-licence/"
category: "Business"
categories: ["Business", "Investment"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/xrg-secures-stake-in-venezuela-s-loran-gas-licence-alongside.png?fit=1536%2C1024&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# XRG Secures Stake in Venezuela’s Loran Gas Licence Alongside BP and UCC

**Published:** August 16, 2026
**Author:** Stockmark.IT Website
**Categories:** Business, Investment
**Featured image:** ![XRG Secures Stake in Venezuela’s Loran Gas Licence Alongside BP and UCC](https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/xrg-secures-stake-in-venezuela-s-loran-gas-licence-alongside.png?fit=1536%2C1024&quality=80&ssl=1)

---

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), has secured an interest in Venezuela’s offshore Loran gas licence. The award follows approval from the Bolivarian Republic of Venezuela and a transfer of interest by state-owned PDVsA Gas. Under the agreement, XRG will hold the licence equally with BP and UCC Oil and Gas, subject to necessary regulatory approvals and definitive agreements. BP is designated as the operator for the Loran Phase 2 development.

The Loran licence encompasses more than four trillion cubic feet of proven gas resources within the Loran-Manatee gas accumulation. This offshore area is situated along the maritime boundary between Venezuela and Trinidad and Tobago. The partnership structure allows each company to hold an equal working interest in the project. The award builds upon a memorandum of understanding signed between BP and the Venezuelan government in April 2026, which established a framework for cooperation in offshore exploration and development in the Plataforma Deltana area.

Mohamed Al Aryani, president of XRG International Gas, stated that the entry reflects the company’s strategy to invest with partners in advantaged resources that have access to established infrastructure and clear routes to market. He noted that Venezuela holds significant gas resources with the potential to meet regional and international energy demand. By connecting these resources with existing infrastructure, XRG aims to support responsible development, strengthen regional energy integration, and create long-term value for local communities and partners.

This move marks a further step in XRG’s efforts to expand its regional gas and liquefied natural gas portfolio. The company currently holds interests in several other projects, including Rio Grande LNG in the United States, a pending Argentina LNG project, Arcius Energy in Egypt, Azerbaijan’s Absheron field, the Southern Gas Corridor, Turkmenistan’s Offshore Block 1, and Mozambique’s Area 4 concession. In January this year, XRG announced plans to increase its stake in NextDecade’s Rio Grande LNG export terminal facility at the Port of Brownsville in Texas.

The agreements for the Loran project were signed during an official visit to Venezuela by BP chief executive Meg O’Neill and senior vice president David Campbell. Ms O’Neill described the licence award as an important step forward that reflects the progress made through collaboration with the Venezuelan government and partners. A separate memorandum of understanding between BP and the Venezuelan government also covers the evaluation of the Carúpano East Block in the Mariscal Sucre maritime area. XRG’s participation remains subject to compliance with international sanctions.

---

**Original URL:** https://stockmark.it/xrg-secures-stake-in-venezuelas-offshore-loran-gas-licence/
*Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*