The oil company Shell signed several agreements with the Venezuelan government that mark a new chapter in its operations within the South American country. These agreements cover offshore gas projects, onshore hydrocarbon exploration, and technical cooperation with international partners, specifically the installation of production units in the Monagas region, the Carito and Pirital fields, both belonging to the Punta de Mata Division.
Dragon Project: gas exports to Trinidad in 2027
One of the central points of the agreement is the development of the Dragon natural gas project, located in Venezuelan waters near Trinidad.
According to statements by the Trinidadian Energy Minister, Roodal Moonilal, the goal is to begin exports to the island in the third quarter of 2027. The gas will serve to feed the Atlantic LNG plant, which has faced a production drop due to regional supply shortages.
Shell is not alone in this initiative, as it also signed technical and commercial agreements with the Venezuelan engineering firm VEPICA, the American oilfield services firm Baker Hughes, and the energy solutions company KBR. This multinational collaboration aims to integrate operational and technological expertise into the projects.
Venezuela seeks to attract capital
Venezuela has facilitated these types of agreements thanks to an oil reform approved by its legislature in January, which reduces the tax burden, grants greater autonomy to private operators, and reinforces the role of the Ministry of Petroleum. These conditions have created a more attractive environment for foreign capital in the energy sector.
This move also occurs in a context of apparent easing of United States sanctions against Venezuela. Recent visits by Interior Secretary Doug Burgum and Energy Secretary Chris Wright show a renewed interest in energy cooperation with Caracas. Shell has confirmed that the general licenses granted by the U.S. allow it to move forward with its plans without infringing on regulations.
Shell as a key player in regional supply
With these steps, Shell not only strengthens its presence in Venezuela but also positions itself as a key provider to meet the energy deficit in the Caribbean. The synergy with Trinidad and the recovery of the Dragon project are part of a broader regional energy integration strategy that could redefine the gas map of the Western Hemisphere.
Source: Reuters
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