XRG is making its first move in Venezuela as the international investment arm of ADNOC looks to create a global gas platform. The stake in the concession adds to its portfolio of projects in Argentina, Azerbaijan, Mozambique, Turkmenistan, and the US.
XRG aims to become a top-five player in global gas and LNG at a time when demand for the fuel is skyrocketing because of the energy transition and the growing needs of artificial intelligence. XRG has been strategic in its acquisitions: This year it picked up a piece of the Southern Gas Corridor from Azerbaijan, a key supply link from the Caspian Sea to Europe. The company could also make another swoop for Santos, the Australian gas supplier. XRG attempted to acquire it for $18.7 billion before walking away nearly a year ago.