Shell's initial focus in Venezuela will be geared towards natural gas that can be monetized through LNG, according to chief executive officer Wael Sawan.
"We could even be in a position to take final investment decisions (FIDs) on one or two projects before the end of this year, if afforded the right fiscal and legal frameworks," Sawan said Tuesday at the CERAWeek by S&P Global conference in Houston, Texas.
The company is also looking to tap liquids opportunities in order to help Venezuela as it looks to grow production.
"I don't think anyone would dispute the enormity of the resource space in Venezuela," Sawan said. "The key will now be to be able to bring robust technical plans into the country, and importantly, for the country to continue on the progress they are making on fiscal terms, on the legal frameworks," the CEO added. "I'm encouraged by what we see, we still have a long way to be able to get those molecules out."
