Symbolic imageBP and Abu Dhabi's XRG take Venezuelan offshore gas licence
BP, Abu Dhabi's XRG and Qatar's UCC have won the licence for phase two of Venezuela's offshore Loran gasfield, among the first large foreign investments since the US ousted Nicolás Maduro in January.
XRG, Adnoc's international investment arm, said on Thursday, 13 August that it holds an equal share with BP and UCC in a field with more than 4 trillion cubic feet of proven gas. The licence came almost four months after BP agreed with the Venezuelan government to explore gas development; BP's chief executive Meg O'Neill called it "an important step forward" in the company's work with Caracas. XRG says its stake still needs definitive arrangements and regulatory approvals.
Partners with White House ties
UCC belongs to the Al-Khayyat brothers, Syrian-born billionaires building a resort in Albania with Ivanka Trump and Jared Kushner; XRG's parent Adnoc is run by UAE industry minister Sultan Al Jaber, who in 2025 promised Trump $440bn of Emirati investment in US energy within a decade.
Majors edge back
Shell took the first-phase licence earlier this summer and Eni is in talks with Caracas, while output has climbed to 1.2m barrels a day since the US seized control of the industry.
Prisoners freed
Venezuela has released 131 political prisoners.
Other opinions
The National frames the licence as portfolio growth for XRG in Latin America and never mentions Trump; the Guardian leads on the partners' Trump ties.