ADNOC Considers Partnership for Gas Projects in Venezuela
Abu Dhabi National Oil Co. (ADNOC) is considering partnerships with international firms to invest in Venezuela's gas sector, contingent on establishing legal and financial frameworks amid current political conditions. ADNOC's investment arm, XRG, aims to utilize Abu Dhabi's oil revenues to revitalize Venezuela's substantial gas reserves while coordinating efforts with the U.S. to navigate the geopolitical landscape.
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Abu Dhabi National Oil Co. (ADNOC) is exploring potential partnerships with international companies to enter Venezuela's energy sector, focusing on gas projects. This interest is preliminary and hinges on establishing legal and financial frameworks.
Any investment would be coordinated with the U.S. due to current political dynamics following the capture of Venezuelan leader Nicolas Maduro. ADNOC's investment arm, XRG, aims to leverage Abu Dhabi's oil revenues to finance the revival of Venezuela's gas production, which holds significant reserves. XRG has a global strategy for gas expansion, with past investments in the U.S., Africa, and Central Asia, and is seeking to enhance its presence in the LNG market.
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