CARACAS, July 21 (Reuters) - Venezuelan expects to sign licenses by year-end for developing the nation's vast natural gas reserves, oil minister Pedro Tellechea said on Friday, even amid U.S. sanctions.
Most of the South American country's gas reserves remain undeveloped after decades of insufficient investment, contract changes and - in recent years - U.S. sanctions to oust President Nicolas Maduro.
But new officials running the oil ministry and PDVSA want to encourage new investment and unfreeze projects.
Oil major Shell Plc (SHEL.L), which produces in Trinidad, could operate the Dragon gas field in Venezuela if Maduro's government extends it a license, Trinidad officials have said.
Venezuela is producing 831,000 barrels of crude per day (bpd) this month and expects to increase to 1 million bpd by year-end.
Persons:
Pedro Tellechea, Nicolas Maduro, Tellechea, Spain's, Maurel, Deisy Buitrago, Mayela Armas, Vivian Sequera, Marianna Parraga, Alison Williams
Organizations:
Eni, Shell, Thomson
Locations:
CARACAS, Caracas, United States, Trinidad and Tobago, Venezuela, Trinidad, China