President in Charge: We want to turn Venezuela into a major gas exporter

Published at: 11/06/2026 05:27 PM

The president in charge of the Republic, Delcy Rodríguez, considered that Venezuela was taking a historic step with the signing of agreements with the multinational company Shell, for the start of Phase I of the Development and Exploitation of the Loran Field.

He made the statement at the Miraflores Palace, where he led the signing of this license, about which he specified that, Loran is a cross-border field with Trinidad and Tobago, “this license will allow Venezuela to take a very important step in its gas development and also as a gas exporter”.

“We want to turn Venezuela into a gas exporter and with this signature we are reaffirming that path, in a field that was undeveloped for 23 years and for that reason, I confirm my words that we are taking a historic step with the signing of this license,” he ratified.

He also highlighted that negotiation agreements contemplated for the first time in the Hydrocarbons Act were also signed.

For his part, the president of Exploration and Production of the Shell Corporation, Peter Costello, stressed that the signing of the agreements with Venezuela constitutes a significant achievement both for the company Shell and for the country.

He noted that these agreements reaffirm the long-standing alliances between Shell and Venezuela, and expressed his enthusiasm for working together on projects that generate shared benefits.

In her speech, the Minister of People's Power for Hydrocarbons, Paula Henao, pointed out that this firm not only represents an opportunity to develop the Loran Field in deep waters where Venezuela has reserves of great importance, but it also strengthens cooperation through a technical-financial alliance.

He stated that, thanks to the recovery of the compressor park system, a greater volume of gas can be added to the domestic market to optimize domestic supply and use it in other strategic sectors.

He argued that these actions will make it possible to strengthen the Orinoco Oil Belt, recover the national compressor system and increase the volume of gas available for the domestic market, guaranteeing the supply and development of oil operations.

Mazo News Team