XRG enters Venezuela with stake in Loran offshore gas licence
- XRG was awarded the offshore Loran licence via transfer from PDVsA Gas and will hold an interest alongside bp and UCC, subject to customary approvals.
- The licence contains over 4 trillion cubic feet of proven gas resources within the Loran‑Manatee accumulation that straddles the Venezuela–Trinidad and Tobago maritime boundary.
- The move is part of XRG’s Phase 2 push to build a Latin America gas and LNG platform and to strengthen its Atlantic Basin position.
- XRG’s participation is conditional on definitive licence and development arrangements, governmental and regulatory approvals, and compliance with applicable international sanctions.
Transaction overview
XRG announced entry into Venezuela through the award of the offshore Loran licence and the transfer of interest from PDVsA Gas. Subject to customary regulatory approvals, XRG will hold an interest in the licence alongside bp and UCC.
Resource and location
The Loran licence contains over 4 trillion cubic feet of proven gas resources and is part of the wider Loran‑Manatee offshore gas accumulation that straddles the maritime boundary between Venezuela and Trinidad and Tobago. The project offers a potential route to market via established infrastructure.
Strategic fit
Loran phase 2 advances XRG’s integrated gas strategy to connect advantaged resources, existing infrastructure and international markets through a partnership‑led model. The investment complements XRG’s growing gas and LNG portfolio across North and South America, Africa, the Caspian and the Middle East, including positions such as Rio Grande LNG (US), Argentina LNG (subject to approvals), Arcius Energy (Egypt), Absheron and the Southern Gas Corridor (Azerbaijan), Turkmenistan Offshore Block 1 and Mozambique Area 4.
Conditions and next steps
XRG’s participation is subject to definitive licence and development arrangements, applicable governmental and regulatory approvals, and all relevant international sanctions and compliance requirements.
Source: XRG