By: AGBI

Abu Dhabi National Oil Company (Adnoc) is reportedly looking to enter Venezuela’s energy market to expand its gas business.

The state-backed energy company is monitoring developments in Venezuela and is interested in partnering with global companies, Bloomberg reported, citing unidentified sources.

However, the interest is preliminary and relies on legal and financial structures for investment in the South American country, the report said.

The US this month captured Venezuelan leader Nicolás Maduro, and US President Donald Trump has made it clear he plans to tap the country’s vast oil reserves.

The US has completed its first sale of Venezuelan oil, valued at $500 million, CNN reported on Thursday, citing an unidentified administration official.

Adnoc’s possible entry into the Venezuelan market will be made via XRG, its international investment arm, Bloomberg said.

However, the oil company told the news agency that it does not comment on what it called market speculation.

In December, XRG acquired a 95 percent controlling stake in Germany’s Covestro.

Adnoc is in talks with the German government to acquire the gas trading unit of Berlin-based energy company Sefe.

Earlier this month, the company finalised its decision to proceed with the Sarb deep gas development project within the Ghasha concession offshore Abu Dhabi.

Adnoc’s board has allocated $150 billion in capital expenditure between 2026 and 2030 to maintain its oil and gas operations as the Middle East’s share of global oil production is predicted to grow in the coming years.