Venezuela expands energy partnerships with Shell deals and new Deal Room

Venezuela and Shell signed five formal energy agreements on June 11, 2026, covering the development of the Loran offshore gas field—a 7‑trillion‑cubic‑foot reservoir that extends into Trinidad and Tobago’s waters—oil production at the Monagas North fields, and measures to reduce gas flaring. The signing ceremony was presided over by interim President Delcy Rodríguez, who called the Loran license a “historic step” for the country’s long‑term energy ambitions. The agreements mark one of the first broad, multi‑project presences for a major Western oil company in Venezuela since the interim government opened the sector to foreign investment following the capture of President Nicolás Maduro.

In parallel, Venezuela Energy Week 2026 announced the launch of a Deal Room, a transaction‑focused platform to be run during the October 26‑29 event in Caracas. The Deal Room will bring together government officials, national and international oil companies—including Shell, Eni, Chevron, and others—investors, private‑equity firms, and financial institutions to accelerate investment, joint‑venture formation, asset acquisitions, and project financing across upstream, downstream, and emerging energy technologies. The initiative reflects renewed momentum in Venezuela’s hydrocarbon sector as it seeks to rebuild production capacity and attract capital to its vast oil and gas reserves.