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Energy majors Shell plc and BP plc have been cleared to operate in Venezuela under newly issued licences from the United States Department of the Treasury, paving the way for long-delayed gas projects such as the Dragon field to move closer to execution.

Shell and BP were among five international oil companies granted approval after the Treasury issued General Licences 49 and 50 yesterday, allowing specified energy firms to resume oil and gas operations in Venezuela under defined legal and financial conditions.

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