Shell targets 2027 drilling at Venezuela's key offshore gas field, sources say

Shell completed a marine survey for Dragon last year that has helped it determine drilling locations and pipeline routing. The company and NGC were granted a 30-year license in 2024 by Venezuela for the project and have said that initial output could come in three years.

The Dragon project, located in Venezuelan waters near the maritime border with Trinidad and Tobago, is set to be the OPEC country's second offshore gas development, and is viewed as one of the most important initiatives to address Trinidad's worsening gas shortage, which has reduced output at the country's liquefied natural gas and petrochemical facilities.

Shell plans to transport gas from Dragon to Trinidad, with about 70% of production earmarked for the Caribbean nation's flagship Atlantic LNG export facility and the remaining 30% intended for the country's petrochemical sector, the Trinidad government has previously said.