Shell eyes return to Venezuela to claim gas billions

Key Highlights

• The project could generate an estimated $500m (£370m) in revenues annually for up to three decades, amounting to a multi-billion dollar opportunity.
• The Dragon field holds an estimated 120 billion cubic metres of gas, or around three times as much as the UK uses in a year.
• Far larger deposits sit in fields nearby.
• Development of the project has stalled amid wrangling with US authorities over licencing but Shell is expected to renew its focus on Venezuela following Mr Trump’s intervention.
• The US president has called on oil companies to invest in the country to boost oil and gas production and improve infrastructure – though he has specifically called for US businesses to lead the way, suggesting Shell may need to seek a partner.