Venezuela, Shell Advance Loran Gas Project Development
Venezuela and Shell have signed five agreements to launch development of the Loran gas field, a project aimed at increasing gas production and supporting future exports.
Venezuela and Shell signed five agreements to begin development of the Loran gas field, advancing plans to expand natural gas production and exports. Photo: Venezuelan Presidential Press
June 12, 2026 Hour: 1:29 am
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Five agreements launch development of the Loran gas field as Venezuela seeks to expand production and strengthen gas export capacity.
Venezuela’s acting president, Delcy Rodríguez, on Thursday led the signing of five cooperation agreements with multinational energy company Shell to begin the development and exploitation phase of the Loran gas field, a project the government views as a key step in expanding the country’s energy sector and advancing its ambitions as a natural gas exporter.
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Speaking during the signing ceremony, Rodríguez said the agreements formalized new negotiation mechanisms made possible under Venezuela’s recently amended Hydrocarbons Law.
“For the first time, the Hydrocarbons Law, which was recently reformulated and amended, is allowing us these forms of negotiation and flexible business agreements where we will also boost production and make better use of resources for the people of Venezuela,” she said.
The agreements build on a technical and financial partnership established in March and include service and procurement orders for projects in the northern part of Monagas state.
Text Reads. Acting President Delcy Rodríguez announced that the formal signing of agreements with the multinational Shell consolidated negotiation mechanisms contemplated for the first time in the Hydrocarbons Law. “For the first time, the Hydrocarbons Law, which was recently reformulated and amended, allows us these forms of negotiation and flexible business agreements, which will also boost production and allow for better use of resources for the people of Venezuela,” explained the President.
Rodríguez said expanding gas exports has been a central objective since talks began with Shell and other international companies operating in the sector.
“We said it from the moment we began negotiations with Shell and other companies in the gas sector: we wanted to turn Venezuela into a gas exporter, and with this signing we are reaffirming that path,” she stated.
The Loran gas field contains seven reservoirs, six of them shared with Trinidad and Tobago. Rodríguez highlighted the strategic importance of the area, noting that the field has remained undeveloped for more than two decades.
“It is a field that has been inactive for 23 years, without development, and that is why I reaffirm my words that we are taking a historic step with the signing of this license,” she said.
According to Rodríguez, the agreements form part of a broader strategy to strengthen Venezuela’s energy capabilities through cooperation with major international actors and to advance the infrastructure required for hydrocarbon extraction in the designated area.
“The steps we are taking today are the future of our country. That is a certainty,” Rodríguez said. She added that the license “will allow Venezuela to take a very important step in its gas development and also as a gas exporter.”
The signing marks the start of a new phase for the Loran project, which Venezuelan authorities see as an important component of efforts to increase gas production for both domestic consumption and international markets.
Author: MK
Source: Venezuelan Presidential Press
