Shell Optimistic About Resuming Work on Venezuela's Dragon Gas Field
Shell (NYSE: SHEL) is optimistic about resuming work on Venezuela's Dragon offshore gas field. The company is confident that the Trump administration will grant a license exempting the project from sanctions. This follows Chevron's similar waiver earlier this year for heavy oil operations in Venezuela.
The Dragon field, awarded to Shell and NGC in 2023, holds an estimated 4 trillion cubic feet of gas. Shell is pushing for a 10-year license to justify long-term investment. The company's local partner remains Trinidad's state-owned National Gas Co. Both Shell and BP are key shareholders in Trinidad's Atlantic LNG complex, which has been facing gas supply constraints. The Dragon field could potentially supply gas to Trinidad's liquefaction complex and petrochemical plants, easing these shortages. BP is also seeking to renew its license to develop the nearby Manakin-Cocuina field. Washington's stance on Venezuela allows limited access for energy companies to revive projects that help alleviate shortages in Trinidad.
Shell's confidence in resuming work on the Dragon offshore gas field could significantly boost gas supplies to Trinidad. The Trump administration's decision on the license exemption is eagerly awaited. If approved, it could pave the way for long-term investment and development in the Dragon field.
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