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. Bloomberg states 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. ADNOC has advanced an ambitious overseas expansion strategy, largely through its investment arm XRG, which aims to rank among the world’s top three chemical producers and the top five natural gas players by 2050.

UAE’s ADNOC weighs Venezuela gas investment

Posted On: February 4, 2026

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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. Bloomberg states 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. ADNOC has advanced an ambitious overseas expansion strategy, largely through its investment arm XRG, which aims to rank among the world’s top three chemical producers and the top five natural gas players by 2050.

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UAE’s ADNOC weighs Venezuela gas investment

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