UCC Holding seeks to expand oil and gas operations in Venezuela

UCC Holding, a Qatari energy and construction group, is in talks to expand its presence in Venezuela by entering new oil and gas sectors. Eric Kiskola, the company’s head of exploration and production, confirmed these discussions, noting the group’s interest in finding suitable opportunities across various sectors.

This move follows a recent agreement where UCC Holding, alongside British firm BP and ADNOC’s XORG unit, secured a long-term license for the Loran gas project. This major offshore project in Venezuelan waters, which extends to Trinidad and Tobago, grants the group rights to produce up to 4 trillion cubic feet of gas from a total reserve estimated at 7.3 trillion cubic feet. Shell Energy has also obtained a parallel license for the same field.

Diplomatic engagement has also increased, with the Qatari Ministry of Foreign Affairs noting that Venezuelan interim President Delcy Rodríguez recently met with Qatari State Minister Mohammed bin Abdulaziz Al Khulaifi in Caracas to discuss cooperation opportunities.