Wael Sawan weighs up production project as company boosts dividends despite 22% drop in full-year earnings
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Shell is considering fossil fuel investments in Venezuela worth billions of dollars, according to its chief executive.
Wael Sawan said Europe’s largest oil company is weighing plans for production projects off the Venezuelan coast that could begin yielding gas in the next couple of years. “These are opportunities that could potentially be activated within months,” he told CNBC, adding that the company is now awaiting approvals.
The company’s fresh interest in the South American country has emerged one week after Venezuela passed sweeping reforms to its hydrocarbon laws to encourage increases in oil and gas production and foreign investment, in line with calls from the US president, Donald Trump, to revive the industry.
