Venezuela has signed a licensing agreement with the international energy company Shell to begin the first phase of developing the Loran gas field. During a meeting chaired by Acting President Delcy Rodríguez, five strategic documents were signed. These include work orders and procurement contracts aimed at increasing production of light oil, which is used as a diluent to produce the Merey 16 blend from the heavy oil extracted in the Orinoco belt. The agreements also provide for deliveries of feedstock to the refinery in Puerto La Cruz to boost fuel output.
An important part of the deal is the purchase of spare parts for compressor equipment that will reduce the flaring of associated gas. The recovered gas is planned to be directed to the domestic market — for power generation, industry, petrochemicals and household use — as well as for export. The Loran field is a non-associated gas asset with seven reservoirs, six of which are on the border with Trinidad and Tobago. In this way, Venezuela confirms its strategy of attracting global investment and aims to increase production efficiency and the sustainable use of resources.
Full version: Venezuela firma licencia con Shell para Fase I del campo gasífero Loran