Shell signs five agreements with Venezuela to advance Loran offshore gas field and other oil and gas projects
Type: Partnership · Technology: Oil Gas · Country: Venezuela · Announced: 2026-06-12
British oil major Shell signed five agreements with Venezuela's state-owned oil company Petróleos de Venezuela, S.A. (PDVSA) to advance oil and gas projects, including Shell's participation in the 7-trillion-cubic-feet Loran offshore gas field. The Loran field extends into Trinidad and Tobago's waters, and Shell also agreed to a technical alliance to expand production at the Monagas North oilfields and a separate pact to reduce gas flaring. Shell's involvement in Loran and the 4.2-TCF Dragon gas project will enable Venezuela to begin exporting offshore gas, starting with supplies to Trinidad for processing into liquefied natural gas. The agreements mark Shell's return to Venezuela after withdrawing from projects and closing offices in the country earlier. Interim President Delcy Rodriguez described the signing as a 'historic step' for the phase one development plan of the Loran field.
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