November 22, 2023 [Reuters]- Venezuela is close to approving a license for Shell (SHEL.L) and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Caribbean country, two people close to the matter said.
The license could set in motion a long-running effort by Trinidad to boost its gas processing and petrochemical exports, while providing Venezuela with a much-needed extra source of cash.
Both nations are discussing a 25-year exploration and production license for the Dragon field, which holds up to 4.2 trillion cubic feet of gas and lies in Venezuelan waters near the maritime border between the two countries.
Venezuela’s state-run oil firm PDVSA, which discovered Dragon’s reserves and paid for existing infrastructure, would not have a stake in the project, but Venezuela would receive cash or a portion of gas production as royalties.
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