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London-based energy giant Shell has confirmed it is in advanced talks with the Venezuelan government for the development of four large areas containing natural gas near Trinidad and Tobago.

International news agency Reuters reported yesterday that Shell could make a final investment decision by the end of the year on the 4.2 trillion cubic feet (tcf) Dragon gas field in Venezuelan waters.

Shell is targeting access to the three fields that, along with Dra­gon, are part of the 12 tcf Mariscal Sucre project off Venezuela’s eastern coast. This is ​in addition to the 7.3 tcf Loran offshore area, part of a cross-border field that extends into Trinidad, for some 20 tcf of combined reserves, sources told Reuters.