Abu Dhabi state oil firm ADNOC is weighing entering Venezuela’s energy industry and could seek a partnership with another international producer to participate in the nation’s gas projects, Bloomberg News reported on Thursday, citing people familiar with the matter.
Reuters could not immediately verify the report. XRG, ADNOC’s international investments arm set up in late 2024, declined to comment.
Bloomberg said ADNOC’s interest was preliminary and would depend on clear legal and financial structures for investment, adding any approach in Venezuela would require coordination with the U.S. and be made through XRG.
U.S. President Donald Trump urged U.S. oil executives to spend $100 billion to revitalize Venezuela’s oil industry after U.S. forces seized its leader Nicolas Maduro in an overnight raid on its capital on January 3.
ADNOC has been pursuing an ambitious overseas growth strategy, mainly through XRG, which now owns German chemicals maker Covestro as well as stakes in a liquefied natural gas plant in Texas and several ADNOC subsidiaries listed on the Abu Dhabi Securities Exchange.
XRG aims to be among the top three players in chemicals globally and one of the top five in natural gas, both by 2050. Its assets have swelled to over $150 billion from more than $80 billion when it was announced just over a year ago.
Venezuela has the largest proven oil reserves in the world as well as vast natural gas reserves.
(Reporting by Mihika Sharma in Bengaluru. Writing by Yousef Saba. Editing by Susan Fenton and Mark Potter)