Venezuela, Trinidad sign agreement on offshore gas field development with Shell

Venezuela and Trinidad and Tobago sign an agreement for the development of an offshore natural gas field and export of its production Thursday in Caracas.

The announcement comes amid the easing of harsh sanctions imposed by the United States.

The agreement, which involves state-owned Petroleos de Venezuela and the National Gas Company of Trinidad and Tobago, grants Shell a license and embodies a "great and historic moment", according to Trinidad and Tobago's energy minister Stuart Young.