Venezuela has awarded British energy company Shell a licence for the first phase of exploration and exploitation of the Loran gas field, signed at Miraflores Palace in Caracas by acting President Delcy Rodríguez on Thursday. The field is part of the Loran-Manatee system, a natural gas reservoir straddling the maritime boundary between Venezuela and Trinidad and Tobago, with estimated reserves of around ten trillion cubic feet; Shell aims to begin production in 2027 using infrastructure linked to Trinidad, which relies on fresh gas supplies for its liquefied natural gas and petrochemical industries. The deal marks a significant step in Venezuela's energy-sector reopening following the January 2026 capture of deposed president Nicolás Maduro by the United States and a subsequent reform to the country's Hydrocarbons Law, and comes after a Shell-Chevron asset swap in April that consolidated Shell's position in Venezuelan gas while Chevron focused on heavy crude in the Orinoco Belt.