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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InIn a move reflecting growing confidence in Venezuela's energy potential, Shell has initiated the procurement process for drilling services at the Dragon offshore gas field in eastern Venezuela. According to reports, the company plans to drill four wells at the project, targeting a commencement date in the second quarter of 2027. This development follows a strategic planning phase and regulatory approvals aimed at unlocking the country's vast offshore gas resources.
The Dragon project marks a significant milestone for Shell's Latin American portfolio as it seeks to bolster LNG production through cooperation with neighboring Trinidad and Tobago. In comparison, peers like BP and Chevron are also intensifying regional investments, with BP recently outlining plans for cross-border gas developments (per Reuters citations). This expansion is critical for offsetting depletion in legacy fields and positions Shell to secure long-term gas feedstock for its regional infrastructure.
Regarding market performance, SHEL.L shares closed at 3109 pence (close July 13, 2026), having traded between a day low of 3058.75 and a high of 3112 pence per market data. Energy traders are now looking toward the upcoming EIA Weekly Petroleum Report in the US, which serves as a key catalyst for sector sentiment amid ongoing fluctuations in global crude and gas inventories.