Chevron, Shell Target Venezuela Offshore Gas Fields, Orinoco Oil Region

Chevron and Shell are expected to sign new agreements in Venezuela covering offshore gas and heavy crude assets, including the Loran gas field and Orinoco Belt projects. The deals could expand foreign participation in Venezuela’s energy sector and support regional gas and crude development.

(Reuters) — Chevron Corporation and Shell plc are expected to sign agreements in Venezuela on Monday covering offshore gas and heavy crude assets, according to three sources familiar with the plans.  

Chevron is set to return an offshore gas field to Venezuelan control and participate in an extra-heavy crude area in the Orinoco Belt, the country’s main oil-producing region. The agreement would expand its role in Venezuela alongside state oil company PDVSA.

Separately, Shell is expected to sign a deal to operate the offshore Loran gas field, a cross-border resource shared with Trinidad and Tobago. The project is seen as a potential source of supply for regional gas markets, including LNG facilities in Trinidad.