Shell Considers Major Offshore Gas Expansion in Venezuela

Shell CEO Wael Sawan signaled that the company is evaluating large-scale offshore natural gas investments in Venezuela, potentially worth several billion dollars, with first production targeted within the next few years subject to regulatory and political approvals. The remarks, given in a CNBC interview, highlight growing interest among major energy firms in Venezuelan resources after a prolonged period of sanctions-related uncertainty, and could influence longer-term sentiment in the global gas market, as well as related benchmarks such as Oil – Brent Crude, Oil – US Crude, and Natural Gas.

Over the past month, Natural Gas prices have advanced about 21.33%, reflecting tighter supply expectations and potential demand shifts, while its 1-day technical reading points to a Buy bias. Oil – US Crude has climbed roughly 9.73% in the same period, supported by geopolitical risk and steady demand, and currently shows a short-term technical stance of Strong Buy. Brent Crude is up approximately 10.48% month-over-month, with its 1-day technical picture also indicating Strong Buy, suggesting firm bullish momentum across key energy benchmarks as investors assess the implications of prospective Venezuelan gas developments. Investors can explore more updates, prices, and analysis across global markets at Commodities.