Shell and Venezuela sign five agreements for natural gas development

"The agreements signify a significant milestone that will facilitate the systematic use of oil and gas for export, yielding substantial advantages for Venezuela," Delcy Rodriguez, the acting president of Venezuela, stated on the Venezolana de Televisión network.

One of the executed documents is a contract to initiate the initial phase of development and operation of the Loran block field. The produced crude is intended for use in fulfilling domestic market demands as well as for export.

Additionally, contracts were finalized to boost light crude output at sites in the Orinoco Belt.

source: reuters.com