Arab Gulf companies are making their debut in Venezuela through an offshore natural gas project operated by BP Plc. XRG, the investment unit of the UAE's state-owned Abu Dhabi National Oil Co., announced the award of a license for the Loran field, a Caribbean gas deposit that straddles the border between Venezuela and Trinidad and Tobago. The deal marks the first entry of Gulf firms into Venezuela's energy sector. \n\nThe Loran field is part of a broader BP-led development that aims to tap offshore gas reserves in the region.

XRG will hold a stake in the project, though specific terms were not disclosed. This move comes as Venezuela seeks to revive its oil and gas industry amid easing sanctions. \n\nThe involvement of UAE and Qatari firms signals growing interest from Middle Eastern investors in Latin American energy assets. The project is expected to boost gas production for domestic use and potential export to Trinidad and Tobago's LNG facilities.

Neither BP nor Qatar's state oil company immediately commented on the deal. \n\nThe license award was announced on August 13, 2026, according to XRG's statement. The development could pave the way for further Gulf investment in Venezuela's energy sector, pending regulatory approvals and geopolitical stability.