Article

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.