Venezuela signed five agreements with British oil major Shell on Thursday to advance oil and gas projects, including the company's participation in the coveted seven-trillion-cubic-feet Loran offshore gas field, the government said.
The country had signed preliminary agreements for some of the projects earlier this year with Shell, one of the few foreign companies that have taken early advantage of Venezuela's new energy investment opportunities following the US capture of President Nicolas Maduro.
This time, the parties secured Shell's participation in Loran, a reservoir that extends into Trinidad and Tobago's waters.
They also agreed to a technical alliance greenlighting procurement and output expansion at oilfields in Monagas North and to a separate pact to buy equipment and parts to reduce gas flaring.
British BP is also set to participate in the Loran gas field and in the neighbouring Cocuina-Manakin offshore gas project, according to separate agreements with the Venezuelan government signed in April.
(Reporting by Deisy Buitrago; Writing by Marianna Parraga; Editing by Bill Berkrot)