The Venezuelan government has officially granted Shell a license to explore and exploit the Loran gas field. According to government official Delcy Rodríguez, this agreement is designed to ensure the proper utilization of gas resources for international export. Peter Costello, Shell's President of Exploration and Production, described the signing of these agreements as a "wonderful achievement" for both the company and Venezuela. The move signals a strategic effort by Venezuela to revitalize its energy sector through foreign partnerships. By leveraging Shell's technical expertise, the country aims to increase its production capacity. This development is expected to bolster Venezuela's economic standing in the global energy market. The partnership marks a significant step in the commercialization of the nation's natural gas reserves.