BP and Shell accelerate Venezuelan gas projects to support European energy security

Energy companies BP and Shell are speeding up offshore gas developments in Venezuela’s Gulf of Paria—projects such as Dragon, Manatee and Loran‑Manatee—to supply liquefied natural gas (LNG) to Europe. The plan relies on the nearby Atlantic LNG plant in Trinidad and Tobago, allowing rapid conversion of Venezuelan gas into cargoes that can ease the EU’s depleted strategic gas reserves amid Middle‑East tensions and limited Qatar output.

Separately, a study by Moeve in partnership with PwC presented to Brussels argues that “green molecules” – renewable hydrogen, ammonia, methanol, second‑generation biofuels and biomethane – could cut the EU’s external energy dependence from 57 % in 2024 to 28 % by 2040 and replace up to half of fossil‑fuel demand by 2050. The report estimates a potential 22 % reduction in CO₂ emissions and notes that the cost premium for these technologies is expected to fall as supply chains mature, enhancing Europe’s energy resilience.