Shell signs oil and gas, exploration agreements with Venezuela

* Shell signs agreements with Venezuelan government for oil ​and gas ⁠projects

* Shell offshore gas project has faced ​setbacks

* Venezuela's oil reform aims to boost foreign investment, economic stability (Adds quote from Venezuela acting president in ​paragraphs ‌4-5)

March 5 (Reuters) - Oil major Shell inked several oil agreements with the Venezuelan government on Thursday that span ⁠offshore gas and onshore oil and gas opportunities, ⁠the company said in a statement.

It ​also signed several technical and commercial agreements with Venezuelan engineering company VEPICA, as well as with KBR and U.S. oil services firm Baker Hughes. Venezuelan President Delcy Rodriguez hosted U.S. ​Interior Secretary ‌Doug Burgum in the South American country this week. Burgum is the second cabinet secretary to visit Venezuela since a January U.S. raid that captured President Nicolas Maduro. U.S. Energy Secretary Chris Wright visited in February.

"We are very pleased to reach ​these agreements with Shell in the areas of gas and oil, and to already be ‌giving life to and implementing the new hydrocarbons law with new business models," Rodriguez said alongside Burgum at a facility ‌belonging to state oil company PDVSA, referring to a sweeping oil reform bill passed in January.

"I am also very pleased to have witnessed, together with you, the signing between Shell ​and a private Venezuelan company, the synergies that Venezuela can have with other countries around the world, for ‌the benefit of the country and its people," Rodriguez added.

Shell has had a long-running offshore gas project in Venezuela called Dragon that experienced setbacks in recent years as U.S. ⁠policy toward ⁠Venezuela shifted. Shell said in February that general licenses for ‌oil and gas exploration issued by the U.S. will allow the company to move forward with the project. The ​oil reform lowered ​taxes, expanded the oil ministry's decision-making power and granted autonomy ‌for private producers, among other measures meant to boost investment. (Reporting by Mayela Armas in Caracas, Bageshri Banerjee in Bengaluru and Sheila Dang in Houston; Writing by Julia Symmes Cobb in Bogota; Editing by Edward Tobin and Mark Porter)

Shell

Baker Hughes Company