SEATTLE (Oil Monster):Oil major Shell plc has signed a series of oil and gas agreements with the government of Venezuela, covering offshore natural gas development and onshore energy opportunities, the company said in a statement. The deals are expected to advance long-delayed projects and strengthen regional energy cooperation.
The company also entered technical and commercial partnerships with Venezuelan engineering firm VEPICA as well as international energy service providers KBR and Baker Hughes.
A key focus of the agreements is the offshore Dragon natural gas project, which is planned to supply gas to neighboring Trinidad and Tobago. According to officials, the new deal clears the path for the development of the Dragon field and potential gas exports to Trinidad by the third quarter of 2027.
The gas would help increase output at the Atlantic LNG facility in Trinidad, which is jointly owned by Shell, BP and Trinidad’s National Gas Company. The plant produced about 9 million metric tons of liquefied natural gas last year, below its 12-million-ton capacity due to gas shortages.
The agreements follow recent high-level diplomatic engagement and Venezuela’s sweeping oil sector reforms aimed at attracting foreign investment and revitalizing the country’s energy industry.
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