After securing the license for the Loran project, Upstream head Erik Keskula said the company is looking for opportunities “across all sectors”
The Daily Journal.- Qatar-based producer UCC Oil and Gas Holding confirmed that it is holding talks over a potential entry into new oil and gas fields in Venezuela as it seeks to expand its presence in the country.
According to a Reuters report, the company, which last month secured a long-term license for the Loran gas project alongside BP and XRG, is looking for opportunities “across all sectors,” Erik Keskula, Head of Upstream at UCC Oil and Gas Holding, said.
Keskula outlined the strategy at the Venezuela International Oil and Gas Summit, held in Caracas from September 28 to 30. “We’re interested in everything, really. We’re looking for the right opportunities,” he said.
Qatar’s UCC entering new oil and gas fields in Venezuela would deepen the company’s commitment to the country. UCC, a subsidiary of UCC Holding, acquired a stake in August in Phase 2 of the Loran gas field in the Deltana Platform.
The consortium comprising BP, XRG and UCC holds rights to produce up to 4 trillion cubic feet of gas from Loran, whose total reserves are estimated at 7.3 trillion cubic feet. Shell received a parallel license for the same field.
With information from Reuters
