Venezuela Approves License for Shell and Trinidad to Develop Offshore Gas Field

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 Caribbean country. The license aims to boost Trinidad's gas processing and petrochemical exports while providing Venezuela with an extra source of cash. Shell would operate the project with a 70% stake, while Trinidad's National Gas Company (NGC) would hold the remaining 30%.