Venezuela grants license to British Shell for gas exploration

The interim president of Venezuela, Delcy Rodríguez, on April 30, 2026
REUTERS/Leonardo Fernandez Viloria
Venezuela granted, this Thursday (11), a license to the British Shell for the exploration and export of gas, joining the transnational companies that return to the country thanks to a recent reform of the hydrocarbons law that opened the sector to foreign investment.
Interim president Delcy Rodríguez pushed through a new hydrocarbons law in January under pressure from the United States, after the capture of Nicolás Maduro in an American military operation.
Rodríguez's government signed agreements with several of the world's main oil companies, including the British BP and the Spanish Repsol.
With this license, Shell will be able to explore the Loran field, which contains seven deposits of natural gas, six of them cross-border with Trinidad and Tobago, the Venezuelan presidency said in statement.
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According to Rodríguez, this concession "will allow Venezuela to take a very important step in its gas development and also as a gas exporter." She pointed out that this gas field was abandoned for 23 years.
After the approval of the reform of the hydrocarbons law at the end of January, Washington began to ease sanctions against Venezuela. The country has the largest oil reserves in the world and is also rich in natural gas.
Peter Costello, president of Exploration and Production at Shell, said that "the signing of these agreements is a wonderful achievement for Venezuela and Shell and highlights our long-standing partnership."
Oil sector experts have pointed out that Venezuela wastes billions of cubic feet of gas, causing economic losses and serious environmental damage.
Fuel prices displayed at a Shell gas station in Copenhagen, Denmark
Reuters

Source: G1