Shell plans to start natural gas production at Venezuela's Dragon field by 2026, aiming for exports

From Yahoo Finance: 2025-03-21 06:31:00

Shell plans to start natural gas production at Venezuela’s Dragon field by 2026, a year early, and export to Trinidad and Tobago. The project aims to circumvent US sanctions on Venezuela’s oil and gas industry, with necessary approvals in place until October 2025. Trinidad’s National Gas Company confirms the project’s validity. Shell accelerates production to supply the Atlantic LNG project in Trinidad due to previous gas shortages. Dragon field has an estimated four trillion cubic feet of gas reserves and a 30-year exploration licence granted in 2023. A final investment decision is pending Shell’s approval and US licence extension. Washington recently terminated Chevron’s key licence in Venezuela, but no energy project cancellations with Trinidad have been announced. Shell aims to secure gas supplies for the Atlantic LNG project, which produced 8.5 million tonnes last year, missing full capacity due to gas shortages. The company plans to conduct an environmental survey in April to construct a pipeline linking Dragon to Trinidad.

Read more: Shell aims for first output from Venezuela’s Dragon field by 2026