Which Gulf companies are entering Venezuela for the first time, and what project are they involved in?

The United Arab Emirates' XRG—the investment unit of Abu Dhabi National Oil Co.—and Qatar's UCC Oil and Gas Holding LLC are making their debut in Venezuela through an offshore natural gas project in the Loran field, to be operated by BP Plc. XRG announced it was awarded a license for the Loran field, a Caribbean gas deposit straddling the Venezuela–Trinidad and Tobago border, and will hold a working interest alongside BP and UCC to develop over 4 trillion cubic feet of gas resources.

What is the strategic purpose of developing the Loran field’s gas resources, and for whom is the supply intended?

The gas from the Loran field is intended to replenish feedstock for industries in neighboring Trinidad, specifically the Atlantic liquefaction plant (led by Shell Plc and BP) and petrochemical and fertilizer plants that have suffered years of gas rationing.

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