Venezuela close to approving offshore gas license

Venezuela is close to approving a license for Shell and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Twin Island Republic.

According to Reuters, the license could set in motion a long-running effort by Trinidad to boost its gas processing and petrochemical exports while providing Venezuela with a much-needed extra source of cash.

Under the proposed terms, Shell would operate the project with a 70 per cent stake, and Trinidad's NGC would hold the remaining 30 per cent.

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