Just days ago, Shell announced that newly issued U.S. general licenses for oil and gas exploration in Venezuela would allow it to advance its long-stalled Dragon gas project, tapping into an estimated 4.5 trillion cubic feet of natural gas reserves off Venezuelan shores and potentially bringing first production online within three years. The development reflects broader shifts in investor sentiment and regulatory frameworks in one of the world’s most resource-rich but politically complex energy landscapes – and holds timely lessons for African energy producers seeking foreign capital and technical partners.

Since the Trump administration’s sanctions regime in 2019, Venezuela’s hydrocarbons sector has been largely isolated from global markets. Chevron, bp, Repsol and Shell now stand among the companies authorized to engage in energy projects and transactions, following an expansion of licenses issued by the U.S. Treasury’s Office of Foreign Assets........

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