Qatar's UCC in talks for possible entrance into oil, gas areas in Venezuela, executive says

UCC, British BP, and XRG, a unit of United Arab Emirates' state company ADNOC, last month were granted a long-term license to develop the Loran gas project, one of the largestin Venezuela's waters.

Qatari producer UCC Oil and Gas Holding is in talks for its possible entrance into new fields in Venezuela, the company's head of Upstream, Erik Keskula, said on Tuesday at a conference in Caracas.

UCC, British BP, and XRG, a unit of United Arab Emirates' state company ADNOC, last month were granted a long-term license to develop the Loran gas project, one of the largest in Venezuela's waters and which extends into Trinidad and Tobago.

The pact gave the group rights to produce up to 4 ⁠trillion cubic feet of gas in Loran, whose total reserves are estimated at 7.3 ​TCF.

Energy producer Shell was granted a parallel license for the same gas field.

Qatari energy producer interested in 'everything'

"We have interest in everything, really," Keskula said. "We are looking for the right opportunities in all sectors."

Venezuela's interim President Delcy Rodriguez discussed cooperation opportunities in a recent meeting in Caracas with Qatar's Minister of State Mohammed bin Abdulaziz Al-Khulaifi, Qatar's foreign affairs ministry said on Tuesday on X/Twitter, without providing more details.