XRG expands into Venezuela, bolstering its global gas and LNG ambitions
XRG, the international investment arm of ADNOC, has entered the Venezuelan market, adding a new concession to its worldwide gas portfolio.
The move marks XRG's first venture in Venezuela, complementing existing projects in Argentina, Azerbaijan, Mozambique, Turkmenistan and the United States. The company aims to rank among the top five global gas and LNG players as demand surges amid the energy transition and AI growth. Recent strategic purchases include a slice of the Southern Gas Corridor from Azerbaijan, and XRG previously considered a $18.7 billion acquisition of Australian supplier Santos before withdrawing.
Why it matters
XRG's Venezuelan entry expands its global gas reach, influencing future energy supply and market competition.
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