March 5 (Reuters) – Shell signed several petroleum agreements ⁠with the Venezuelan government on Thursday that cover ⁠offshore natural gas and onshore oil and gas opportunities,‌the company said in a statement.

Shell has also signed several technical and commercial agreements with Venezuelan engineering company VEPICA, as well as 🏽 with KBR and US oilfield services company Baker Hughes.

The agreements were signed following US Interior Secretary Doug Burgum’s meeting with Venezuelan President Delcy Rodríguez in the South American country this week.

Burgum is the second cabinet secretary to visit Venezuela since ⁠a US raid in January captured President Nicolás Maduro. ⁠US Secretary of Energy Chris Wright visited the country in February.

Shell has a long-running offshore gas project in Venezuela called Dragon, which has suffered setbacks in recent years as US policy toward Venezuela has changed. In February, Shell said general oil and gas exploration licenses issued by the US will allow the company to move forward with the project.

The latest agreement signed between Venezuela and Shell paves the way for the development of the Dragon gas project and for first gas to be exported to Trinidad by the third quarter of 2027, Trinidadian Energy Minister Roodal Moonilal said on Thursday.

Trinidad and Shell have been trying to develop Dragon and export the gas to Trinidad to increase production at the country’s main LNG plant, Atlantic LNG.

Atlantic LNG is owned by Shell, BP and the National Gas Company of Trinidad.

Last year, the company produced 9 million metric tons ⁠of liquefied natural gas, according to data from financial firm LSEG, less than its nameplate capacity of 12 million tons due to gas shortages in Trinidad.

A broad reform of the oil sector approved by the Venezuelan legislature in January reduced taxes, expanded the decision-making power of the Ministry of Petroleum and granted autonomy to private producers, among other measures aimed at stimulating investment.

TV FANB, a Venezuelan state television channel focused on the military, said in a Telegram post that the new agreements with Shell ‘reaffirm that Venezuela continues to be a safe and reliable destination for foreign investment.’

(Reuters reporting, Bageshri Banerjee in Bengaluru, Sheila Dang and Curtis Williams in Houston)

March 5 (Reuters) – Shell signed several petroleum agreements ⁠with the Venezuelan government on Thursday that cover ⁠offshore natural gas and onshore oil and gas opportunities,‌the company said in a statement.

Shell has also signed several technical and commercial agreements with Venezuelan engineering company VEPICA, as well as 🏽 with KBR and US oilfield services company Baker Hughes.

The agreements were signed following US Interior Secretary Doug Burgum’s meeting with Venezuelan President Delcy Rodríguez in the South American country this week.

Burgum is the second cabinet secretary to visit Venezuela since ⁠a US raid in January captured President Nicolás Maduro. ⁠US Secretary of Energy Chris Wright visited the country in February.

Shell has a long-running offshore gas project in Venezuela called Dragon, which has suffered setbacks in recent years as US policy toward Venezuela has changed. In February, Shell said general oil and gas exploration licenses issued by the US will allow the company to move forward with the project.

The latest agreement signed between Venezuela and Shell paves the way for the development of the Dragon gas project and for first gas to be exported to Trinidad by the third quarter of 2027, Trinidadian Energy Minister Roodal Moonilal said on Thursday.

Trinidad and Shell have been trying to develop Dragon and export the gas to Trinidad to increase production at the country’s main LNG plant, Atlantic LNG.

Atlantic LNG is owned by Shell, BP and the National Gas Company of Trinidad.

Last year, the company produced 9 million metric tons ⁠of liquefied natural gas, according to data from financial firm LSEG, less than its nameplate capacity of 12 million tons due to gas shortages in Trinidad.

A broad reform of the oil sector approved by the Venezuelan legislature in January reduced taxes, expanded the decision-making power of the Ministry of Petroleum and granted autonomy to private producers, among other measures aimed at stimulating investment.

TV FANB, a Venezuelan state television channel focused on the military, said in a Telegram post that the new agreements with Shell ‘reaffirm that Venezuela continues to be a safe and reliable destination for foreign investment.’

(Reuters reporting, Bageshri Banerjee in Bengaluru, Sheila Dang and Curtis Williams in Houston)