Shell in advanced talks with Venezuela for 3 more gasfields

April 01, 2026, By: Carl Surran, SA News Editor

Shell is in advanced talks with Venezuela’s government to develop four large areas near Trinidad and Tobago, in two of the country’s largest offshore natural gas fields.

Reuters reported.Shell has been trying for years to advance ‌the 4.2 Tcf Dragon gas field in Venezuelan waters and could make a final investment decision on the project by the end of this year; the company now wants to expand its reach into neighboring areas.

The company is targeting access to the three fields that, along with Dragon, are part of the 12 Tcf Mariscal Sucre project off Venezuela’s eastern coast, in addition to the 7.3 Tcf Loran offshore area, part of a cross-border field that extends into Trinidad, for ~20 Tcf of combined reserves.

Shell reportedly expects to send the Venezuelan gas to Trinidad for processing into liquefied natural gas for export, a big push for its 45%-owned Atlantic LNG project, which is Latin America’s largest LNG facility but has been unable to reach installed capacity due to insufficient gas supply.

Last month, Shell signed preliminary deals with the new government headed by Delcy Rodriguez to move Dragon forward and possibly develop the Carito and Pirital onshore oil and ⁠gas fields.