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Shell keeps focus on natural gas

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T&T’s partner in the Dragon natural gas field, Royal Dutch Shell, has signed a deal to exit the oil business in Venezuela, French energy company, Maurel & Prom, the buyer, told the Paris stock exchange on Friday.

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Euronext Paris-listed Maurel & Prom, an oil and gas exploration and production company, said: “The closing of this acquisition remains subject to a number of conditions, amongst others the obtaining of the required governmental approvals, and the finalisation of the negotiations with government-owned Petroleos de Venezuela (PDVSA) and its subsidiaries (CVP and PDVSAS) on the implementation and the funding of a redevelopment plan to increase the production of the field, which should be partly funded by operating cash flow, and partly with Maurel & Prom Venezuela’s funds up to an amount of circa €350 million over the period 2018-2023.

Cesar Juan Treviño

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