Venezuela advances agreement with Shell company, including the Loran gas field project.

The Venezuelan government announced on Thursday that the country has signed five agreements with the British oil giant Shell to advance oil and gas projects, including the company's involvement in the development of the highly anticipated 70 trillion cubic feet Loran offshore gas field. Earlier this year, Venezuela signed preliminary agreements with Shell on these and other projects. Shell is one of the few large foreign companies to seize the opportunity for new energy investment in Venezuela after the US seized President Nicolas Maduro in January. This time, the parties finalized Shell's participation in the Loran gas field project, which extends into the waters of Trinidad and Tobago. The two sides also reached a technology alliance agreement to approve procurement and production increases in the North Monagas oil field, and signed another agreement to procure equipment and parts to reduce natural gas burning.