Shell Wins U.S. License for 4.5 Tcf Dragon Gas Project to Boost LNG
Shell secured U.S. licenses for its Dragon offshore Venezuela gas project, which holds about 4.5 trillion cubic feet of gas and will feed its 45% stake in the Atlantic LNG plant. Atlantic LNG exported 9 million metric tons in 2025 and accounted for about 10% of Shell’s global LNG output.
1. U.S. License Approval
Shell has obtained newly issued U.S. exploration licenses for the Dragon project offshore Venezuela, providing regulatory clarity after years of delays and allowing the company to proceed with development planning.
2. Dragon Project Details
The Dragon field contains an estimated 4.5 trillion cubic feet of natural gas and is set to supply the Atlantic LNG facility in Trinidad and Tobago, where Shell holds a 45% interest alongside BP.
3. Impact on Atlantic LNG Output
Atlantic LNG exported 9 million metric tons in 2025—75% of its 12 million ton capacity—and represented roughly 10% of Shell’s global LNG output, with Dragon supplies expected to help close the 3 million ton shortfall.