LSE:SHEL.L 19 January 2026 - 28 April 2026

Shell says the new U.S. general licenses for Venezuelan oil and gas, rolled out this month, mean the company can finally move forward on its long-stuck Dragon natural gas project. That field, estimated at roughly 4.5 trillion cubic feet of reserves, is intended to supply Trinidad’s Atlantic LNG facility—where both Shell and BP each hold 45% stakes. “The issuance of the recent general licenses is a positive signal, and it, indeed, allows for progress on our Dragon project,” a spokesperson told Reuters, pointing to years of holdups tied to changing U.S. policy. Atlantic LNG has room for 12 million tonnes a year, but only shipped 9 million tonnes in 2025, hampered by gas shortages, LSEG data showed.

Shell edged up in London trading Friday, ending the session at 2,774.50 pence—about a 0.2% gain—on volume of nearly 8.1 million shares. CEO Wael Sawan told investors the company will halt new investments in Kazakhstan for now, citing drawn-out legal fights over soaring project costs. Kazakhstan is seeking arbitration over what it claims are $13 billion in disputed Kashagan costs and another $3.5 billion at Karachaganak. Sources speaking to Reuters put a possible Karachaganak arbitration award between $2 billion and $4 billion.

Shell Plc is hitting pause on fresh Kazakhstan investments while legal battles with the state drag out, CEO Wael Sawan told analysts. “We will hold until we have better line of sight to where things end up,” he said. Kazakhstan is pursuing $13 billion and $3.5 billion in contested costs tied to the Kashagan and Karachaganak oilfields. One arbitration result could land between $2 billion and $4 billion, according to sources.

Shell shares rose 0.9% to 2,757.5 pence in early London trading Thursday, pushing higher for one of the FTSE’s top energy giants.

Shell shares edged up roughly 0.3%, hitting 2,683 pence by 0803 GMT Friday, just above Thursday’s close of 2,674 pence as London trading kicked off.