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

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 ‌monthwere granted a long-term license to develop the Loran gas project, one of the largestin 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.

"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, without providing more details.