Shell has not officially issued a statement of “no confidence,” the company has displayed a cautious and non-committal stance toward the administration of interim President Delcy Rodríguez. Publicly, Shell has refrained from commenting on recent political shifts, referring all queries to the government instead.
Shell’s ability to operate in Venezuela, specifically on projects like the Dragon gas field, is entirely dependent on OFAC licenses from the U.S. Treasury. Changes in U.S. policy toward the Rodríguez administration directly impact Shell’s operational security.
Shell CEO Wael Sawan has previously called for political stability to ensure long-term energy investments. The rapid shift in power following Nicolás Maduro’s capture has created a “fluid” situation that experts suggest requires more time before companies can fully commit.
Although Rodríguez has introduced a new hydrocarbon law to attract investment, some energy specialists have criticized it as a “band-aid approach” rather than a comprehensive reform, which may temper corporate confidence.
Shell is reportedly “monitoring the diplomatic fallout” between regional partners like Trinidad and Tobago and the Venezuelan government before proceeding with major project milestones.
Despite this caution, Shell remains engaged. On 26 February 2026, representatives from the company met with President Rodríguez to discuss energy cooperation, indicating that while they are not fully “confident,” they are maintaining active diplomatic and commercial channels.
Note by Alessandro Bazzoni