Shell’s Venezuelan Gas Gamble Implodes — But Don’t Worry, the Dividends Are Still Flowing!

Trump Yanks Licenses. Shell Shrugs. BlackRock Still Gets Paid. The Planet? Not So Lucky.

Just when you thought the fossil fuel absurdity couldn’t dig any deeper, the Trump Administration comes through with another shovel — this time revoking key gas project licenses for Shell, BP, and Chevron in Venezuelan waters.

Yes, that’s right: Shell’s dream of extracting gas from Venezuela’s Dragon field and piping it into Trinidad and Tobago’s export terminals is now on pause — or, if history teaches us anything, permanently flushed down the crude-soaked toilet of geopolitical fantasy.

Trust Us, It Was Totally About “Energy Security”

The gas projects were, of course, wrapped in the usual glittering bow of “energy security” for the Caribbean. Because what better way to secure your energy future than by partnering with PDVSA, Venezuela’s state-run oil firm — you know, the one swimming in sanctions, corruption scandals, and actual oil spills?

Shell’s role in the Dragon field, alongside Trinidad’s National Gas Company, was set to begin exports in 2026. But alas, the license is now revoked — collateral damage in the Trump administration’s sanctions-fueled fever dream aimed at toppling the Maduro regime by… blocking natural gas?

Meanwhile, BP’s Cocuina-Manakin project suffered the same fate, leaving Trinidad scrambling to maintain a gas supply chain that now looks shakier than Shell’s public relations strategy.

Shell’s Response: “No Biggie, We’ve Got Qatar”

But don’t worry, dear shareholders — Shell’s spin machine is here to soothe your concerns. According to the company’s U.S. press materials, this entire episode is little more than a scratch:

“While the revocation curtails Shell’s immediate plans in Venezuela, the impact on its global portfolio is limited.”

Translation: Venezuela may be going up in flames, but our cash cow LNG operations in Qatar, Australia, and the U.S.are still minting money. And remember: the Dragon field wasn’t producing yet, so this disaster doesn’t affect our quarterly numbers. Crisis averted — for Shell’s investors, that is.

BlackRock & Vanguard: The Silence of the Shares

And speaking of investors — where are the bold, principled voices at BlackRock, Vanguard, or State Street?

Silent. As always.

These asset management giants continue to bankroll Shell’s globe-spanning fossil fuel expansion, while sending out ESG newsletters that sound like they were ghostwritten by a yoga influencer. Investing in the energy transition, they say — while clinging to Shell stock like it’s their retirement plan. (It probably is.)

Greenwashing, Buybacks, and the Renewable Illusion

Of course, Shell wants you to believe it’s balancing this Venezuelan chaos with clean energy expansion:

“Shell’s commitment to capital discipline, its growing renewable assets and buyback programs support a positive long-term outlook.”

Ah yes, “capital discipline” — aka slashing clean energy investments and funneling billions into stock buybacks. Because if there’s one thing Shell is consistent about, it’s choosing shareholder enrichment over climate action.

Sober Reflection

For more than 20 years, John Donovan has been exposing Shell’s tangled web of deception on RoyalDutchShellPlc.com. From oil spills to espionage to human rights scandals, the site’s documentation of Shell’s legacy is unmatched.

And ask yourself this:

If it weren’t true, wouldn’t Shell — with its endless legal firepower — have sued him into oblivion by now?

They haven’t. Because they can’t.

Bottom Line?

Shell bet big on a sanctioned petrostate, claimed it was for energy security, called the delay “manageable,” and quietly reassured investors that the real money is still flowing in from everywhere else.

It’s just another day in the life of the world’s most audacious polluter — backed by the world’s most hypocritical investors.

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