Qatar's UCC in talks for possible entry into Venezuela oil and gas areas, executive says
BP•Qatari producer UCC Oil and Gas Holding is in talks about entering new fields in Venezuela, its upstream head said. UCC and partners hold rights to produce up to 4 trillion cubic feet of gas from the Loran project, whose reserves are estimated at 7.3 trillion cubic feet.
1. Talks on new fields
UCC Oil and Gas Holding is discussing a possible entry into new oil and gas fields in Venezuela, the company's head of Upstream, Erik Keskula, said at a conference in Caracas. “We have interest in everything, really,” Keskula said. “We are looking for the right opportunities in all sectors.”
2. Loran gas project
UCC, BP and XRG, a unit of Abu Dhabi state company ADNOC, were granted a long-term license last month to develop the Loran gas project, which extends into Trinidad and Tobago. The group can produce up to 4 trillion cubic feet of gas; total reserves are estimated at 7.3 trillion cubic feet. Shell received a parallel license for the field. Qatar's foreign affairs ministry said Qatar's Minister of State Mohammed bin Abdulaziz Al-Khulaifi recently discussed cooperation opportunities with Venezuela's interim President Delcy Rodriguez in Caracas.
