The agreements include Shell’s participation in Venezuela’s 7 Tcf Loran offshore gas field, advancing previously signed preliminary deals.
Shell and Venezuela’s government finalized five agreements to develop oil and gas projects, including Shell’s involvement in the 7 trillion cubic feet Loran offshore gas field. The deals build on preliminary agreements signed earlier this year.
Venezuela, home to the world’s largest oil reserves, has sought to revive its energy sector amid easing U.S. sanctions. The country’s oil production has struggled due to years of underinvestment and political instability.
The agreements signal renewed foreign interest in Venezuela’s energy resources, though long-term execution remains uncertain given regulatory and geopolitical risks.