Shell executives visit Venezuela to discuss gas project

CARACAS

This handout picture released by the Venezuelan Presidency press office shows Venezuela's interim president, Delcy Rodríguez (R), talking to executives of the British multinational oil and gas company Shell during a meeting at the Miraflores Presidential Palace in Caracas on Feb. 26, 2026.

Executives from British oil giant Shell held talks with Venezuela's acting president Delcy Rodriguez to discuss gas investments following the ouster of socialist leader Nicolas Maduro, the government in Caracas said.

Representatives of several oil majors have visited Caracas to discuss business opportunities since Maduro was captured by U.S. forces in a deadly raid on the city on Jan. 3.

Rodriguez last month through a major reform of the country's hydrocarbon laws, opening up the sector to private and foreign investment.

The U.S. Treasury has eased a seven-year-old oil embargo on the country, as part of Washington's bid to boost oil production.

The country produced 1.2 million oil barrels per day in 2025 — up from a historic low of about 360,000 in 2020 — but still far from the 3.0 million bpd it was pumping 25 years ago.

Six companies — US company Chevron and BP, Eni, Maurel & Prom, Repsol and Shell of Europe — have been licensed by Washington to operate in the country.

Shell has a long history of oil production in the country with the largest proven reserves of crude, dating back to the early 20th century.

In 2019, however, it began winding down its Venezuelan operations due to the U.S. sanctions and tensions with Venezuelan authorities.

The company had however obtained a license to explore the huge Dragon gas field situated on Venezuela's maritime border with the twin-island nation of Trinidad and Tobago.

The project was suspended in October after Maduro broke off energy cooperation with Trinidad and Tobago over its support for the U.S. military deployment in the Caribbean that preceded the assault on Caracas.