UPDATE 3-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. "We are very pleased to reach these agreements with Shell in the areas of gas ⁠and ​oil, and to already ⁠be giving life to and implementing the new hydrocarbons law with new business models," Rodriguez said alongside Burgum at a facility belonging ⁠to state oil company PDVSA, referring to a sweeping oil reform bill passed in January.

"I am also very pleased ​to have witnessed, together with you, the signing between Shell and a private Venezuelan company, the synergies ⁠that Venezuela can have with other countries around the world, for the benefit of the country and its people," Rodriguez added. 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. Shell said in February that general licenses for oil and gas exploration issued ⁠by the U.S. will allow the company to move forward with the project. The oil reform lowered taxes, ⁠expanded the oil ministry's decision-making ⁠power and granted autonomy for private producers, among other measures meant to boost investment.