Shell signed preliminary agreements to develop the Carito and Pirital oil and gas fields in Venezuela’s Monagas North region. These fields produce light and medium crude oil in addition to natural gas. This development provides strategic diversification from the heavy crude oil typically found in the country.
Geopolitical instability, specifically the crisis in the Strait of Hormuz, is pressuring energy companies to secure new reserves. Analysts describe Shell’s expansion as a strategic response to a tightening global oil market.
The targeted fields produced approximately 94,000 barrels of crude per day last month. Natural gas output at these locations reached over 1 billion cubic feet per day in the same timeframe. This initiative aligns with a trend of major firms returning to Venezuela to mitigate risks in other global regions.