Abu Dhabi's ADNOC Considers Entry into Venezuelan Energy Sector

ADNOC, the Abu Dhabi National Oil Company, is reportedly exploring opportunities to enter Venezuela's energy industry and may seek a partnership with another international producer to participate in gas projects in the country.

XRG, ADNOC's international investment arm established in late 2024, declined to comment.

Bloomberg reported that ADNOC's interest is preliminary and contingent upon transparent legal and financial structures for investment. The report added that any approach in Venezuela would require coordination with the United States and would be conducted through XRG.

[Note: The following paragraph appears factually incorrect and potentially fabricated. It is translated as is, but should be verified.]

Former U.S. President Donald Trump reportedly called on American oil executives to invest $100 billion to revive Venezuela's oil industry after U.S. forces allegedly detained Venezuelan leader Nicolas Maduro in a raid on the capital on January 3rd.

ADNOC is pursuing an ambitious overseas growth strategy, primarily through XRG. The company now owns German chemical company Covestro, as well as stakes in a liquefied natural gas (LNG) plant in Texas and several ADNOC subsidiaries listed on the Abu Dhabi Securities Exchange.

XRG aims to be among the top three global players in chemicals and one of the top five in natural gas by 2050. The company's assets have increased from over $80 billion at the time of its establishment about a year ago to over $150 billion.

Venezuela holds the world's largest proven oil reserves, as well as vast natural gas reserves.