02:41 PM EDT, 04/03/2024 (MT Newswires) -- Shell (SHEL) is pressing for a long-term license from the US before it makes a decision on whether to invest in the Dragon offshore natural gas project in Venezuela, Reuters reported Wednesday, citing people familiar with the matter.

The current license expires in October 2025 and Shell initially proposed a 15-year extension during talks as it mulls over $1 billion in investments in the Dragon gas field.

The Venezuelan government on its side granted a 30-year license in December 2023 for Shell and its partner company from Trinidad to produce the gas and export it to Trinidad, Reuter reported.

Shell declined to comment to Reuters.

The company did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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