Shell, in collaboration with the National Gas Company, aims to produce gas from Venezuela’s Dragon field in three years for processing in Trinidad and Tobago and subsequent export. This ambitious project was granted a 30-year license by the Venezuelan government in 2024. The field is estimated to yield between 3.2 – 4.2 trillion cubic feet of gas. However, Shell needs a license from the US Office of Foreign Assets Control (OFAC) to operate in Venezuela due to US sanctions. The company is currently awaiting these licenses and believes that they could come to a final investment decision and start production within a few years, as stated by CEO Wael Sawan in recent interviews with Bloomberg TV and CNBC.
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