Gulf Oil Giants Strike Offshore Gas Deal with Venezuela

Dow Jones03:53

XRG, the investment arm of Abu Dhabi National Oil Company, said Thursday that Venezuela awarded it a stake in an offshore gas license, alongside BP and a Qatari company.

XRG's entry into the Latin American country comes as the United Arab Emirates and Qatar struggle to move oil and gas cargoes through the Strait of Hormuz following the Iran war. The license gives XRG and its partners access to the Loran offshore gas field, which has roughly 4 trillion cubic feet of proven reserves, and is near the similarly sized Dragon field operated by Shell.

The deal also marks another fossil-fuel breakthrough for Venezuela, which has been trying to attract international players to develop long-dormant fields after the U.S. ouster of former President Nicolás Maduro.

"Venezuela holds significant gas resources and has the potential to play a greater role in meeting regional and international energy demand," said Mohamed Al Aryani, president, international gas at XRG. The companies have equal stakes in the license, XRG said.

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