Shell has entered into several oil and gas agreements with the Venezuelan government, according to reports from Reuters. The agreements cover opportunities in both offshore gas and onshore oil and gas sectors.
The company also signed multiple technical and commercial agreements with the Venezuelan engineering firm VEPICA, as well as with KBR and the U.S. energy technology company Baker Hughes.
A primary component of these dealings involves the Dragon offshore gas project. The project has faced delays in recent years due to shifts in U.S. policy toward Venezuela. In February, Shell stated that general licenses for oil and gas exploration issued by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) will allow the company to proceed with the project.
Shell CEO Wael Sawan previously indicated that the company aims to produce gas from the Dragon field within three years. The plan includes processing the gas in Trinidad and Tobago for international export.
TV FANB, a Venezuelan state television channel, reported on the new agreements via Telegram. The outlet stated that the partnership "reaffirms that Venezuela continues to be a safe and reliable destination for foreign investment."