The U.S. government has granted an authorization to energy major Shell and Trinidad and Tobago to develop an offshore gas field in Venezuela close to the maritime border…
The U.S. government has granted an authorization to energy major Shell and Trinidad and Tobago to develop an offshore gas field in Venezuela close to the maritime border, Trinidad's attorney general said on Thursday.
The prominent project, aimed to supply Trinidad with Venezuelan gas, has progressed slowly in recent years amid frequent U.S. policy changes towards Venezuela, which has remained under U.S. energy sanctions since 2019.
Because Venezuela and state company PDVSA are under U.S. sanctions, foreign companies abiding by the sanctions need authorizations or licenses to negotiate and develop energy projects there.
The Trump administration in April terminated previous licenses granted by former President Joe Biden's government to the Dragon project by Shell and Trinidad's National Gas Company and to a similar development by BP. The plans are considered essential for securing gas for Trinidad's liquefied natural gas plants and other industries.
Shell in the second quarter completed a marine survey at Dragon before a U.S.-set deadline to wind down the license. The exploration work is expected to help determine drilling locations and pipeline design.
The new authorization, granted on Wednesday, is structured in three stages, with the first stage allowing
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