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Venezuela LNG Talks with Shell Stall: Reuters

LNG

Talks between Venezuela’s PDVSA and Shell on the operation of a gas field have stalled, according to Reuters.

  • The talks would have allowed Trinidad and Tobago’s national gas company (NGC) to access 4.2 Tcf of gas from Venezuela’s Dragon offshore field to ramp up exports of LNG and Petrochemicals.
  • A deal would provide a 25-year authorisation to send an initial volume of 300 mmcf/d of Venezuelan gas to Trinidad for LNG production and 50 mmcf/d to petchem plants by late 2026. Shell would lead the project with a 70% stake, with NGC taking the remaining 30%.
  • The talks broke down due to a disagreement on future price projections, with Shell’s projections for prices to 2050 softer than Venezuela’s.
  • According to Reuters’ sources, the Venezuelan government will not issue a license to Sheel and NGC unless Shell and PDVSA can find an agreement on future LNG price forecasts.
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