Shell Bets Big on Venezuelan Offshore Gas to Revive Atlantic LNG

Shell bets big on Venezuelan offshore gas to revive Atlantic LNG

Shell is in advanced talks with Venezuela’s interim government to greatly expand its offshore gas footprint, seeking access to up to 20 trillion cubic feet of gas across the Dragon gas field, the neighbouring Mariscal Sucre fields, and the cross-border Loran area linking to its Manatee project in Trinidad. 

The company aims to pipe Venezuelan gas to Trinidad for liquefaction at Atlantic LNG, where Shell holds a 45% stake, and output has fallen from an original 15.5 mtpa (million tonnes per year) nameplate capacity to under 9 mtpa last year due to supply shortages. 

Shell could take a final investment decision on Dragon by year‑end, and eyes reoffered Chevron stakes in Loran, and has also signed preliminary deals covering the Carito and Pirital onshore oil and gas blocks. 

One negotiator said, “The plan is to drill subsea wells on the Loran side and tie them back to our Manatee platform in Trinidad… it makes sense for us to produce the entire block,” while CEO Wael Sawan told CERAWeek the firm could greenlight up to two Venezuelan projects this year if fiscal and legal terms improve and stressed the focus is gas “that can be monetised through LNG.” 

The main snag is that the Russian‑held stakes in the Patao and Mejillones fields, which are transferred to state‑owned Roszarubezhneft and left untouched, are seen as a political and commercial hurdle. 

However, a Shell source insisted, “Yes, the assignment of the fields to the Russian company is a problem, but we will get over it.”

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Further reading: Exclusive: Shell in advanced talks with Venezuela for more gas areas, sources say

EnerVenue raises $300 Million to scale lithium-free energy storage solutions
The technology was first developed by NASA, then refined at Stanford University. Photo Credit: Kumpan Electric on Unsplash

EnerVenue has raised $300 million in an extension of its Series B to scale commercialization of its lithium-free, nickel-hydrogen energy storage systems, which promise around 30,000 cycles, or three cycles a day for 30 years, for grid, renewable shifting, and AI data center applications. 

The funding is led by Full Vision Capital and will back rapid manufacturing scale-up in Changzhou, China; cost optimization; and expansion across Asia, the Middle East, and Europe. 

The company has also appointed Henning Rath, formerly Enpal’s Managing Director and Chief Supply Chain Officer, as CEO, with short- and mid-term capacity targets of 250 MWh and 1 GWh now “fully funded.” 

Rath called the raise “a testament to the strength of EnerVenue’s technology,” saying it will secure gigawatt-scale supply chains and a “robust global customer footprint.” 

At the same time, Chair Dr. Yi Cui praised  Rath’s “strategic vision and operational credibility” as key to closing the round and driving industrial-scale growth.

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Further reading: EnerVenue Raises $300 Million to Scale Lithium-Free Energy Storage Solutions

Japan and France agree on rare earths deal to cut China reliance
Japan and France will also seek cooperation in space debris removal and rocket launches. Fumiaki Hayashi on Unsplash

Japan and France have agreed on a new rare earths roadmap during Emmanuel Macron’s visit to Tokyo, aiming to cut reliance on China, which still supplies about 60 percent of Japan’s rare earth needs, down from 90 percent in 2010. 

They will back Caremag, a refining project in southern France set to start in late 2026, with Japan targeting about 20 percent of its future demand for dysprosium and terbium from the plant for EV motors, offshore wind, and electronics. 

“We cannot rely solely on specific countries, especially China,” French Finance Minister Roland Lescure said, as both sides move after China tightened its dual‑use export controls and placed restrictions on 20 Japanese entities. 

Furthermore, Japan is simultaneously investing in projects such as Sojitz–Lynas, US recycler ReElement, deep‑sea mud near Minamitori Island, and Indian deposits in Rajasthan. 

Prime Minister Takaichi and President Macron will also issue a joint statement on diversifying the supply of critical minerals and expanding cooperation in space, including debris removal and rocket launches. 

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Further reading: Japan, France agree rare earths deal to cut China’s reliance, NHK reports

South Korea and Indonesia discuss energy security agreements on minerals and technology
South Korea expects Indonesia to complete a payment related to the joint development program by the end of this year. Photo Credit: Daniel Bernard on Unsplash

South Korean President Lee Jae Myung and Indonesian President Prabowo Subianto used their Seoul summit to lock in closer energy and security ties, with Lee calling Indonesia’s role in supplying LNG and coal “very reassuring” amid Middle East-driven uncertainty. 

Both sides pledged to fast-track a high-level energy security dialogue and public–private channels to keep global energy and goods flowing smoothly, building on Indonesia’s status as the world’s largest thermal coal exporter and South Korea’s multi-million-tonne LNG imports from Indonesia in 2025. 

Prabowo cast the countries as “natural partners” with complementary industrial strengths and resources, as trade hit about US$7 billion in Korean exports versus US$11.3 billion in imports last year. 

The leaders oversaw preliminary deals on renewables, data centers, and “new growth” sectors such as AI, shipbuilding, nuclear, and cultural industries. They reaffirmed that their joint KF-21 fighter jet project remains on track for June 2026, with plans for an IF-21 jet follow-on and broader defense cooperation.

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Further reading: South Korea and Indonesia discuss energy security, sign agreements on minerals and tech

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Shell. Cover Photo Credit: Abdellah photographie via Pexels