Analysis: Gulf energy companies debut in Venezuela with gas projects
Energy companies from the United Arab Emirates and Qatar have partnered with British Petroleum to develop the second phase of a gas project at a reservoir in Venezuela.
The energy industries of two countries that make up the Persian Gulf are debuting in Venezuela with gas projects at the Loran field, located offshore, in partnership with oil company BP (British Petroleum).
According to Bloomberg Línea, companies XRG from the United Arab Emirates and UCC Holding from Qatar will hold a stake in the license granted to BP to produce more than four billion cubic feet of gas at the Venezuelan reservoir.
The gas supply would be intended to replenish the raw material for Trinidad and Tobago’s industry, including the Atlantic liquefaction plant, which is operated by BP and Shell.
This agreement between the Emirati, Qatari, and British consortia and Venezuela comes at a time when the conflict between the United States (U.S.) and Iran continues, making hydrocarbon supply from the Middle East more complicated.
Oil agreements
The signing of the agreement to develop the second phase of the gas project at the Loran field has shown the Venezuelan government’s desire to continue the agreements made previously.
This means that XRG, UCC Holding, and BP are all moving forward on oil agreements with the state-owned Petróleos de Venezuela S.A. (PDVSA), although at a slower pace and with “moderate interest from the majority of the big oil companies.”
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