The Venezuelan government has entered into five agreements with Shell aimed at advancing oil and gas developments, notably including the company’s involvement in the Loran offshore gas field, which holds an estimated 7 tcf (198 bcm) of gas (Venezuelan government press release, 11/06/2026). “These agreements allowed the formal start of Phase I of the exploitation of the Loran Field, a key asset that integrated six cross-border fields and represented a fundamental opportunity to increase the productive efficiency of the hydrocarbon industry”, stated the Venezuelan government in its press release.
The agreements follow preliminary arrangements concluded earlier in 2026 and further strengthen Shell’s presence in Venezuela’s energy sector, as the country seeks to boost oil and gas production while attracting foreign investment. The Loran field, together with the Dragon gas field (4.2 tcf, or 119 bcm), another Venezuelan project involving Shell, is expected to enable Venezuela to begin exporting offshore gas. The country possesses substantial offshore gas reserves that remain to be developed, with initial supplies destined for Trinidad for conversion into LNG.
According to separate agreements signed with the Venezuelan government in April 2026, BP is also expected to participate in the Loran gas field as well as the neighbouring Cocuina-Manakin offshore gas project (Reuters, 11/06/2026).
In addition, state-owned Petróleos de Venezuela (PDVSA) and the Spanish company Repsol have signed a Memorandum of Understanding to guarantee the supply of gas for domestic consumption and national development and to enable the export of hydrocarbons and feeding industrial and petrochemical processes.