UPDATE 2-Shell signs oil and gas, exploration agreements with Venezuela

Oil major Shell inked several oil agreements with ‌the Venezuelan government on Thursday that span offshore gas and onshore oil and gas opportunities, the company said in a statement. It also signed several technical and commercial agreements with ‌Venezuelan engineering company VEPICA, as well as with KBR and U.S. oil services ‌firm Baker Hughes. Venezuelan President Delcy Rodriguez hosted U.S. Interior Secretary Doug Burgum in the South American country this week. Burgum is the second cabinet secretary to visit Venezuela since a January U.S. ⁠raid that ​captured President Nicolas ⁠Maduro. U.S. Energy Secretary Chris Wright visited in February.

Shell has had a long-running offshore gas project ⁠in Venezuela called Dragon that experienced setbacks in recent years as U.S. policy toward Venezuela shifted. ​In February, Shell said that general licenses for oil and gas exploration issued ⁠by the U.S. will allow the company to move forward with the project. A sweeping oil reform ⁠passed ​by Venezuela's legislature in January lowered taxes, expanded the oil ministry's decision-making power and granted autonomy for private producers, among other measures meant to boost investment. TV FANB, ⁠a Venezuelan state television channel focused on the armed forces, said in a post ⁠on Telegram ⁠that the new agreements with Shell "reaffirms that Venezuela continues to be a safe and reliable destination for foreign investment."