Chevron is expected to sign agreements to return the Loran gas field to Venezuela and participate in an extra-heavy crude area in the Orinoco belt. Concurrently, Shell is set to sign a pact to take over operations and development of the Loran field.
According to reporting from Reuters, Chevron and Shell are expected to sign several major energy agreements with Venezuela’s oil ministry and state-owned PDVSA. These pacts, which are expected to be finalized in the presence of acting President Delcy Rodriguez, mark a significant expansion of foreign involvement in the country’s energy sector. This follows a sweeping reform of national oil laws in January and a $100 billion U.S.-led reconstruction plan.
Under the terms of the anticipated agreements, Chevron will return the Loran field to the state while shifting its focus toward the Orinoco Belt. The U.S. major is looking to expand its primary Venezuelan oil project, Petropiar, into the neighboring Ayacucho 8 area. This move coincides with Chevron’s decision to relinquish the Loran gas field—an area it explored years ago, confirming reserves of over 7 trillion cubic feet, but never fully developed.
Shell’s takeover of the Loran field follows its previous signals that the area represents a strategic opportunity, as it extends into the Manatee field in Trinidad and Tobago where Shell already maintains a presence. This agreement follows advanced negotiations and preliminary pacts signed in March regarding the Dragon gas project and the Carito and Pirital onshore areas.
While the specific details of these contracts remain confidential, the move highlights a concerted effort to revitalize Venezuela’s energy infrastructure.