Venezuela Close To Approving Offshore Gas License  

• Venezuela is close to approving a license for Shell and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Twin Island Republic.
• According to Reuters, the license could set in motion a long-running effort by Trinidad to boost its gas processing and petrochemical exports while providing Venezuela with a much-needed extra source of cash.
• Under the proposed terms, Shell would operate the project with a 70% stake, and Trinidad's NGC would hold the remaining 30%.
• Trinidad and Tobago's Prime Minister Keith Rowley on Monday confirmed that the parties were negotiating the license and added that Energy Minister Stuart Young was expected to visit Caracas this week.

(Source: Reuters)