Shell has signed five new agreements with the Venezuelan government covering a mix of oil and gas developments, according to a Reuters report.
The agreements build on preliminary arrangements reached earlier this year, including work on the Loran offshore gas field, which is estimated to hold about 7 Tcf. Another deal centers on the Dragon field, with expected resources of 4.2 Tcf.
Both projects target offshore gas volumes that could be exported to Trinidad and Tobago, where there is existing liquefied natural gas infrastructure.
Reuters also reported that BP is expected to take stakes in both the Loran and nearby Cocuina-Manakin gas projects under a separate agreement signed in April. The Loran field extends across the maritime boundary into Trinidad and Tobago’s waters.
One of the agreements will involve expanding production from the Monagas North field and a separate agreement aims to supply gas-flaring-reduction technologies.
Venezuelan officials said the agreements will also facilitate access to diluents needed to blend and transport the country’s heavy crude for export to international refineries.