Shell is placing greater emphasis on natural gas opportunities in Venezuela, with Chief Executive Officer Wael Sawan saying the company sees stronger prospects in gas than in the country’s heavy crude resources.

Sawan said Shell would continue to assess potential investments in Venezuela as the energy company looks to expand its presence in the country’s oil and gas sector.

The company’s interest in Venezuela’s gas industry includes its involvement in the Loran offshore gas field, which is estimated to hold about 7 trillion cubic feet of natural gas.

Venezuela and Shell reached five agreements in June covering the development of several oil and gas projects, including the company’s participation in the Loran field.

The latest position highlights Shell’s focus on gas as it evaluates opportunities in Venezuela, where much of the country’s oil production is associated with heavy crude that requires specialised processing.

Sawan’s comments indicate that Shell’s strategy in Venezuela will not be limited to conventional oil projects, as the company continues to examine opportunities across the country’s energy sector.