UAE’s state oil company weighs major investment in Venezuela’s gas: Report
The United Arab Emirates’ state oil company, the Abu Dhabi National Oil Company (Adnoc), is considering a significant investment in Venezuela’s natural gas industry, according to industry reports.
People familiar with the matter cited by Reuters on Thursday said Adnoc was in early and preliminary discussions about potential participation in Venezuelan gas projects through its international investment unit, XRG, which Adnoc established to expand its global energy footprint.
The talks are aimed at using financial resources from Abu Dhabi to support what would potentially be billions of dollars in investment needed to develop Venezuela’s gas production infrastructure.
Venezuela is estimated to hold the largest proven crude oil reserves in the world, as well as more than two-thirds of South America’s natural gas reserves.
The resources, though, have been underutilized amid infrastructure limitations and years of underinvestment brought about by United States sanctions.
Capturing and commercializing the country’s natural gas, which is currently often lost through flaring during oil production, could be economically significant, but, observers say, requires large infrastructure projects to make up for the damage brought about by the American coercive measures.
The potential move by Adnoc comes as the largest US energy companies have so far resisted pressure to return to Venezuela’s energy sector.
US President Donald Trump has called for major US investment to revive Venezuela’s oil industry after American forces kidnapped President Nicolas Maduro and his wife earlier this month on, what Washington has termed as, “narco-terrorism charges,” and subsequently proposed a $100-billion scheme to rebuild the country’s energy production.
However, those efforts have not resulted in commitments from major US energy firms.
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Adnoc’s international arm, XRG, has been involved in energy investment discussions beyond Venezuela, including natural gas project talks in Argentina and deals in the US, Africa, and Central Asia.
The company and its representatives have not publicly commented on the Venezuela talks, and industry observers note that any such investment would require navigating complex legal, financial, and geopolitical conditions.
Analysts also say clear investment frameworks and protections are typically prerequisites for international energy companies considering major projects in Venezuela’s vast but challenging energy sector.
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