US Edition
Exclusive: Shell in Advanced Talks with Venezuela for More Gas Areas, Sources Say
Shell could greenlight up to two Venezuela projects this year if fiscal and legal conditions improve, CEO Wael Sawan said.
- Shell is in advanced negotiations with interim President Delcy Rodriguez's government to develop four large offshore gas areas near Trinidad and Tobago in two of South America's largest natural gas fields.
- Seeking to boost Atlantic LNG output, Shell aims to pipe Venezuelan gas to Trinidad for processing at the facility, which has operated below its 15.5 million metric ton annual capacity due to insufficient gas supply.
- Combined reserves spanning the Mariscal Sucre project and cross-border Loran field total approximately 20 trillion cubic feet, while Chevron relinquishes its interests in the Loran area as part of a broader Orinoco Belt expansion deal.
- Preliminary agreements signed in Caracas in March cover the 4.2 tcf Dragon field, with Shell targeting a final investment decision on the flagship project by the end of this year.
- Russian state-owned Roszarubezhneft holds stakes in Patao and Mejillones fields via a 2020 transfer from Rosneft, presenting a geopolitical complication Shell must navigate before consolidating the full package, though sources express confidence in resolution.
11 Articles
11 Articles
Shell eyes Venezuela gas fields investment
Energy giant Shell is in talks with Venezuela to develop gas fields off the country’s coast, the latest sign of increased investor appetite in the country. Venezuela’s oil production remains far below its 1990s peak despite having the world’s biggest crude reserves. Still, investors are feeling bullish as the country begins to show some signs of stability. Oil exports have jumped since Washington ousted its former president in January and lifted…
Shell wants to expand its operations in the OPEC member country
Shell, Chevron, and Russia: The Three-Way Contest Over Venezuela's Offshore Gas
Key Points — Shell is in advanced negotiations with Venezuela’s Rodríguez government to develop four major offshore gas zones totaling approximately 20 trillion cubic feet of reserves — A final investment decision on the flagship Dragon field (4.2 tcf) could come by year-end, with gas piped to Trinidad for LNG export through Atlantic LNG — […] The post Shell, Chevron, and Russia: The Three-Way Contest Over Venezuela’s Offshore Gas appeared first…
The company has been trying to advance in the Dragon gas field for years, with reserves of 118.9 billion cubic metres in Venezuelan waters
Report: Shell in Advanced Talks With Venezuela for More Gas Areas
Shell is in advanced talks with Venezuela's government to develop four large areas near Trinidad and Tobago, in two of the South American country's largest offshore natural gas fields, two people familiar with the discussions said.
Coverage Details
Bias Distribution
- 66% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
