Offshore Gas Moves Toward Development

The most immediate catalyst is the 4.2-tcf Dragon field, where Shell is advancing plans to develop Venezuela’s offshore gas resources and supply Trinidad and Tobago. Shell has recently begun the tendering process for drilling services, with plans for four wells targeted from the second quarter of 2027, subject to final investment approval.

The project is significant because it could connect Venezuelan gas with Trinidad’s established LNG and petrochemical infrastructure. Gas from Dragon is expected to be transported via pipeline to Trinidad, where it could support Atlantic LNG and industrial users facing declining domestic supply.

Alongside Dragon, the broader Loran field, estimated at around 7 tcf, represents another major offshore opportunity. Venezuela has advanced agreements with Shell covering Loran development, while BP is also involved in the wider Deltana Platform opportunity through Cocuina-Manakin.

For service companies and technology providers, these developments create demand across offshore engineering, subsea infrastructure, pipeline construction, gas treatment and compression systems.

The Missing Link Is Midstream

The next investment opportunity lies in the infrastructure between production and market. Venezuela’s existing gas network requires modernization to capture, process and distribute additional volumes. In eastern Venezuela, the Monagas region remains one of the country’s most important gas-producing areas, but infrastructure constraints have limited the ability to fully utilize associated gas from oil operations.

The Muscar complex, a key gas processing and distribution facility in Monagas, has become a focal point for infrastructure improvement efforts, with Shell and PDVSA assessing opportunities to strengthen gas handling capacity and production systems.

For midstream companies, this creates opportunities across gas separation, dehydration, compression, processing and pipeline rehabilitation. Increasing gas capture could support multiple downstream markets, including domestic power generation, petrochemicals and industrial users.

The same challenge applies to future offshore developments. Dragon, Loran and Cocuina-Manakin will require offshore gathering systems, export pipelines and processing solutions before gas can reach commercial markets at scale.

Reliable gas supply could also support Venezuela’s industrial base by providing feedstock for petrochemicals, fertilizer production and manufacturing, while gas-to-power projects could help address electricity reliability challenges.

Connecting the Gas Value Chain

These opportunities will be a key focus at Venezuela Energy Week 2026, taking place October 26–29 in Caracas. The event will bring together government stakeholders, operators, investors, EPC companies and technology providers to discuss the projects, partnerships and financing structures required to advance Venezuela’s energy infrastructure.

Through the High-Impact Deal Room and Farm-In/Farm-Out Forum, Venezuela Energy Week  will provide a platform for companies seeking opportunities across the country’s gas, LNG, power and industrial infrastructure sectors to engage directly with potential partners.

As Venezuela’s gas ambitions move closer to execution, the companies capable of providing processing technology, engineering expertise, financing and infrastructure solutions will be central to transforming the country’s resource base into a functioning energy market.

Supporting Venezuela's Earthquake Recovery

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela.