Reuters has reported that Venezuela recently signed five agreements with Shell to advance oil and gas projects, including the Loran offshore gas field. Loran is a 7-trillion-cubic-foot offshore gas field on the Venezuelan side of the maritime border with Trinidad and Tobago. Shell is currently developing the T&T side of the field with the Manatee project.
Loran and another Venezuelan gas project involving Shell, the 4.2-TCF Dragon, are expected to allow the South American nation to inaugurate exports of offshore gas, of which it has abundant reserves to develop, starting with supplies to Trinidad for processing into liquefied natural gas.
Reuters also indicated that Britain's BP is set to participate in the Loran gas field and in the neighboring Cocuina-Manakin offshore gas project, according to separate agreements with the Venezuelan government signed in April.