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Shell Seeking Longer-Term Venezuela License

NATGAS

Oil major Shell is seeking a long-term license from the US before making an FID on the Dragon natural gas project in Venezuela, according to Reuters.

  • The Dragon field lies in Venezuela’s waters near the maritime border with Trinidad and Tobago. It holds around 4.2 Tcf of gas.
  • Washington awarded Trinidad a two-year license in January 2023 to negotiate and develop Dragon with Shell and Venezuela’s PDVSA. Venezuela green-lit the project with a 30-year license.
  • Shell is pressing for a longer license, proposing 15 years, sources told Reuters. It wants a longer license before investing over $1 billion.

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