Shell and BP weigh return to Venezuela

British energy majors Shell and BP are considering a return to Venezuela following a U.S. operation that led to the removal of President Nicolas Maduro, the The Daily Telegraph reported.

According to the newspaper, Shell is interested in developing the Dragon gas field in the Caribbean Sea, estimated to hold around 120 billion cubic metres of gas.

The project could generate up to $500 million in annual profits over a 30-year period. Development was previously frozen due to licensing disputes with U.S. authorities, but the restrictions may now be revisited amid shifting political conditions.

The report said that while U.S. President Donald Trump is keen to prioritise American companies in rebuilding Venezuela’s oil and gas sector, Shell could still be involved, likely through joint ventures with U.S. firms.

Ashley Kelty, an analyst at investment bank Panmure Liberum, said major U.S. companies, particularly Chevron, which is already active in Venezuela, would be the main beneficiaries. European majors could be brought in later as partners to help spread risk, she added.

The Daily Telegraph also reported that BP may seek to return to Venezuela. The company obtained a licence in 2024 to develop the Manakin-Cocuina gas field, but the Trump administration revoked the permit in April that year. BP has since been pushing for the licence to be reinstated.

N.Tebrizli