Abu Dhabi’s state-owned Adnoc is exploring a potential entry into Venezuela’s energy industry, according to sources. The move aligns with the UAE’s strategy to expand its international natural gas portfolio, seeking new growth avenues beyond its core Middle Eastern operations.

Venezuela holds the world’s largest proven gas reserves, yet its industry has been crippled by years of underinvestment and sanctions. For Adnoc, a foothold there could secure long-term supply and diversify its assets amid a global shift toward gas as a transition fuel.

The evaluation remains preliminary, with geopolitical and regulatory hurdles likely. Any deal would require navigating U.S. sanctions on Venezuela’s oil sector. Investors will watch for signals on Adnoc’s risk appetite and Venezuela’s willingness to offer favorable terms to attract foreign capital.