Shell CEO says gas offers competitive edge in Venezuela

Investing.com -- Shell CEO Wael Sawan said Tuesday the company views natural gas as its competitive advantage in Venezuela rather than heavy oil, and the energy company will continue to explore additional opportunities in the country.

The CEO of the British oil major added that confidence in Venezuela does not develop overnight, describing the company's outlook as cautiously optimistic.

Shell signed five agreements with Venezuela in June to develop oil and gas projects. The deals include Shell's involvement in the Loran offshore gas field, which holds an estimated 7 trillion cubic feet of gas reserves.

Sawan also said Middle East energy exports have recovered to more than 80% of pre-conflict levels.

On the chemicals business, the CEO said that while chemicals represents a good business on a macro level, Shell does not view itself as the natural owner of its chemical assets.

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