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Adnoc's XRG Enters Venezuela via Offshore Gas Partnership with BP, UCC

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XRG, the international energy investment company of Abu Dhabi National Oil Co., d/b/a Adnoc, marked its entry into Venezuela through an exploration and production license for phase 2 of the Loran field in partnership with BP (BP.L) and UCC Oil and Gas Holding.

Each party will hold equal interest in the development in the Plataforma Deltana area, which covers 4 trillion cubic feet of recoverable gas resources, according to separate Thursday releases. The Bolivarian Republic of Venezuela awarded the license.

The transaction involved the transfer of interest from Venezuela's state-owned petroleum company Petróleos de Venezuela's PDVSA Gas subsidiary. XRG said its participation in the project is subject to conditions, including the approval of relevant regulators.

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