Venezuela grants Shell license to develop cross‑border Loran gas field

On June 11, 2026, acting President Delcy Rodríguez of Venezuela awarded the British energy company Shell a license to explore and exploit the Loran gas field. The field comprises seven reservoirs, six of which straddle the maritime border with Trinidad and Tobago, and has been idle for 23 years. The licence is part of a broader reform of Venezuela's Hydrocarbons Law that opened the sector to foreign investors after the capture of former President Nicolás Maduro and the easing of U.S. sanctions.

Rodríguez described the award as a "historic step" that will enable Venezuela to develop its gas resources for export. Shell’s President of Exploration and Production, Peter Costello, called the agreement a "wonderful achievement" for both parties. Initial service and purchase orders are expected to be issued shortly, with production targeted for 2027 using infrastructure linked to Trinidad’s LNG and petrochemical plants. The deal follows similar agreements signed with other majors such as BP, Repsol and Eni.

Experts note that billions of cubic feet of gas have remained untapped, costing Venezuela economically and environmentally. The Loran field, estimated at about ten trillion cubic feet of gas, could become a significant export asset for the country and a strategic supply source for Trinidad and Tobago.