British oil and gas companies Shell and BP may return to operations in Venezuela following the American operation to overthrow President Nicolás Maduro, APA reports citing The Daily Telegraph.
According to the company, Shell is interested in developing the Dragon gas field in the Caribbean Sea, which holds estimated reserves of 120 billion cubic meters of gas. The project is expected to generate annual profits of $500 million for 30 years. It is noted that the project was previously suspended due to disputes with US authorities over Shell's license, but the situation may change under the current political realities.
According to the publication, although US President Donald Trump primarily wants American companies to rebuild Venezuela's oil and gas industry, Shell may also be involved in projects in the republic. The Daily Telegraph noted that this would likely require the British energy giant to establish joint ventures with American firms.
"The main winners will be large American companies, especially Chevron, which is already active in Venezuela. European majors will be excluded from the juiciest deals, but they will be invited later, as American companies will want joint ventures to spread risk. Companies like Shell and BP will be the first choice," said Ashley Kelty, an analyst at British investment bank Panmure Liberum.
The Daily Telegraph added that BP may also be interested in resuming operations in Venezuela. The company received a license to develop the Manakin-Cocuina gas field in 2024, but the Trump administration revoked the permit last April. BP has since lobbied to have the license reinstated.
