East Venezuela

Commentary

The basin's geology is well understood, and cross-border gas activity with Trinidad & Tobago continues, with Manatee/Loran and Dragon targeting first gas in 2027. On the Venezuelan side, where most basin activity lies, the arrest of Maduro offers hope of a return to democracy and a reopening of the sector, but PDVSA's infrastructure is badly degraded and sanctions relief and legal reform are needed. Outlook: Neutral.

Updated

October 12, 2026

Location

Description

The EVB is a foreland basin south of a fold belt. The progressive west-to-east collision of the Caribbean plate with the passive margin of northern South America in the Paleogene and Neogene formed a thrust belt and foreland basin that together compose the East Venezuela Basin Province.

Summary

The geology of the Basin is well understood and it has been actively explored. Activity is now focused on cross-border gas with Trinidad & Tobago. Shell is developing the Manatee/Loran field for first gas in 2027, and US licences reinstated in October 2025 allow progress on the Dragon field (c. 4tcf), with first gas to Trinidad targeted for 2027 to supply Atlantic LNG. Progress remains highly dependent on US sanctions policy.