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Shell Reportedly Secures Agreements for Venezuelan Energy Projects

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UK energy giant Shell (SHEL) inked a deal with the Venezuelan government on Thursday, which will allow it to participate in the development of the 7-trillion-cubic-feet Loran offshore gas field, multiple media outlets reported, citing the government.

The deal was part of five agreements signed between the company and the Venezuelan government to develop oil and gas projects in the country, according to a Reuters report.

In January this year, Venezuela had signed initial agreements with the company for these and other projects.

Oil produced by Shell will increase the supply of diluents needed to produce Venezuela's main export grade, Merey crude, and provide feedstock for domestic refineries, the government said.

The agreements will make Shell one of the top partners of state-owned energy company PDVSA for energy development in the country, the Reuters report said.

has reached out to Shell and the Venezuelan Petroleum Ministry for a comment.

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