In a development that could influence global gas investment patterns in 2026 and beyond, the Abu Dhabi National Oil Company (ADNOC) is understood to be exploring potential options for entering Venezuela’s gas sector through its international investment arm XRG, as first reported by Bloomberg. Any engagement remains at an exploratory stage and would depend on clearer legal, regulatory and financial frameworks for foreign investors in Venezuela. If pursued, ADNOC would likely seek a partnership with another international operator to manage technical complexity and political exposure.

The timing of ADNOC’s interest coincides with a shift in U.S. policy toward Venezuela, with Washington signaling openness to limited re-engagement in the country’s energy sector under specific licensing conditions. Despite this, major Western energy companies – including ExxonMobil and TotalEnergies – have continued to approach Venezuela with caution, constrained by sanctions risk, regulatory uncertainty and concerns around long-term project stability.

The significance of ADNOC’s assessment lies less in Venezuela itself than in the profile of the investor now prepared to examine assets long considered too complex or politically exposed by much of the industry. Historically, Western majors have dominated gas investment in frontier or high-risk jurisdictions, leveraging deep technical expertise and established regulatory relationships. ADNOC’s interest in evaluating Venezuelan gas brings Gulf state capital into closer comparison with these traditional players, reflecting a broader evolution in how long-term energy assets are being assessed and financed.

This shift is closely linked to ADNOC’s international strategy. Launched with a mandate to build a globally diversified gas portfolio, XRG reflects the company’s view that natural gas will remain central to the energy system well into the transition era. ADNOC’s strong domestic gas base and recent capital market activity has reinforced its financial position, enabling it to pursue opportunities that demand scale and structural flexibility. The potential move into Venezuela signals a readiness to deploy capital in emerging markets where project timelines are long and execution depends on complex partnerships.

Venezuela’s gas potential is substantial. With reserves estimated at approximately 200 trillion cubic feet, the country holds one of the largest undeveloped gas endowments globally. Yet these resources remain largely untapped following years of under-investment, infrastructure deterioration and regulatory instability. Much of the gas is associated with oil production, requiring integrated development strategies and significant capital to bring volumes to market.

More broadly, ADNOC’s review reflects a possible rebalancing in global energy investment behavior. Western majors have become increasingly selective in frontier markets, often prioritizing lower-risk basins or transition-aligned investments closer to core geographies. At the same time, state-backed investors from the Gulf are expanding their international reach, supported by strong fiscal positions and strategic mandates that emphasize portfolio diversification and long-term energy relevance rather than near-term returns.

For the Caribbean energy industry, these dynamics are particularly instructive and directly relevant to the discussions shaping Caribbean Energy Week (CEW) 2026. The region sits at the intersection of Latin American supply, U.S. demand dynamics and Atlantic Basin trade routes, leaving it exposed to the same capital allocation considerations now influencing interest in Venezuela. As Gulf investors explore opportunities beyond traditional markets, Caribbean gas and infrastructure projects may increasingly be assessed through a similar lens: gas as a strategic transition fuel, infrastructure as a long-cycle investment and regulatory clarity as a prerequisite for sustained capital commitment.

CEW 2026 will provide a forum where these realities can be addressed directly – bringing governments, operators, financiers and policymakers together to align project structures with the expectations of a changing global investor base. In an era of more selective Western capital and rising state-backed participation, the focus shifts from promotion to positioning the region within evolving global energy capital flows.

Join us in shaping the future of Caribbean energy. To participate in this landmark event, please contact sales@energycapitalpower.com.