Chevron (CVX) set to return Loran gas field to Venezuela and sign agreement to participate in extra heavy oil area in Orinoco belt, sources report; Shell (SHEL LN) to sign agreement to operate Loran offshore gas field in Venezuela

Chevron and Shell's agreements to operate and return the Loran gas field in Venezuela signal a potential thaw in U.S.-Venezuela relations, which could impact global energy supply dynamics. This development may also indicate a shift towards increased European engagement in Venezuelan energy resources, influencing oil and gas prices, especially as geopolitical tensions continue to drive energy market volatility.