UCC negotiates new oil and gas fields in Venezuela — Jerusalem Post

Qatari company UCC Oil and Gas Holding is negotiating a possible entry into new oil and gas fields in Venezuela. This was stated at a conference in Caracas by the company’s Head of Upstream, Erik Keskula, the Jerusalem Post reports.

License for the Loran project

Last month, UCC, together with the UK’s BP and XRG, a division of the UAE state company ADNOC, received a long-term license to develop the Loran gas project. It is one of the largest gas fields in Venezuelan waters, which also extends to Trinidad and Tobago.

The agreement granted the group the right to produce up to 4 trillion cubic feet of gas at Loran. The field’s total reserves are estimated at 7.3 trillion cubic feet. Energy company Shell received a separate parallel license for the same gas field.

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Interest in various sectors

Keskula said that UCC is considering opportunities in all sectors. “We are interested in everything, really. We are looking for the right opportunities in all sectors,” he said.

Venezuela’s interim president Delcy Rodríguez also discussed opportunities for cooperation during a recent meeting in Caracas with Qatar’s Minister of State Mohammed bin Abdulaziz Al-Khulaifi. Qatar’s Foreign Ministry reported this on X without providing further details.