May 9, 2026

Shell proposes to Venezuela to monetize gas through Trinidad and Tobago's Atlantic LNG

Shell CEO Wael Sawan reported that he has started conversations with the Government of Venezuela to advance in the monetization of offshore gas production through the Atlantic LNG plant in Trinidad and Tobago. During the company's quarterly earnings conference, Sawan said that Venezuela has become a key growth opportunity for Shell in the upstream segment, that is, the initial phase focused on exploration, search, and production of hydrocarbons. Likewise, he told investors during the meeting that the multinational hydrocarbon company has "particular advantages" in Venezuela, in the offshore gas area. "We have been in talks with the Government of Venezuela about opportunities to monetize some of that gas that has been stranded there for a long time and, ideally, find a way to monetize it through Atlantic LNG in Trinidad and Tobago," he said. The national executive signed an energy agreement with Shell last March, with which they plan to advance in the offshore development of the Dragon field, with the possibility of also developing the Carito and Pirital fields in Monagas. They also plan to develop the cross-border Loran project, which extends to Trinidad. In this regard, the company's CEO pointed out: "We are very focused on those offshore gas opportunities for now and we will have to work over the coming months to make them a reality." Atlantic LNG, owned by Shell, BP, and the National Gas Company of Trinidad, produced around 9 million metric tons of liquefied natural gas last year, below its capacity of 12 million tons due to gas shortages, details a note from Bnamericas.