The Clam Shell Project returns to Venezuela to participate in billions of dollars natural gas projects

After the U.S. government overthrew Venezuelan President Maduro, Shell is expected to participate in the development of new natural gas projects in Venezuela and reap billions of dollars in profits.

The Dragon gas field project located in Venezuelan waters has the opportunity to accelerate development, which had previously been constrained by U.S. sanctions. Shell expects to generate approximately $500 million in revenue annually over the 30-year operation of the Dragon gas field project.

The project is estimated to contain 120 billion cubic meters of natural gas, about three times the annual consumption of the UK, while the reserves of nearby gas fields are even larger. Investment bank Panmure Liberum stated that the biggest winners after Maduro's overthrow will be large U.S. oil companies, particularly Chevron (CVX.US), which has already been very active in the region, and subsequently, European giants will also be invited to join, as U.S. companies need joint ventures to diversify risks, with Shell and BP (BP) being preferred choices