What is Shell's timeline and scope for drilling at Venezuela's Dragon offshore gas project?

Shell has begun tendering for drilling services for its Dragon offshore gas project in eastern Venezuela, with plans to drill four wells beginning in the second quarter of 2027; the drilling contract is expected to be awarded by the end of September 2024, though it will only take effect if a positive final investment decision is made for the 4.2 trillion-cubic-foot development.

How does the Dragon project address Trinidad and Tobago's energy challenges, and what is the planned allocation of its gas production?

The Dragon project is viewed as one of the most important initiatives to address Trinidad's worsening gas shortage—which has reduced output at LNG and petrochemical facilities and contributed to the shutdown or idling of several ammonia and methanol plants as well as Atlantic LNG's 4 mtpa Train 1—by transporting gas from Venezuelan waters near the maritime border with Trinidad and Tobago, with about 70% of production earmarked for Trinidad's Atlantic LNG export facility and the remaining 30% for its petrochemical sector.

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Shell Targets 2027 Drilling at Venezuela's Key Offshore Gas Field, Sources Say

Jul 14, 2026

Shell has initiated tendering for drilling services at its Venezuelan Dragon gas project, targeting Q2 2027 well completion pending final investment approval. The development aims to alleviate Trinidad's gas shortage by supplying LNG and petrochemical sectors.

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