U.S. oil companies are preparing to sign agreements with Venezuela — Politico
Several independent U.S. oil companies are preparing to sign agreements with the state-owned company PDVSA regarding oil production in Venezuela. The agreements are expected to increase the country’s production by approximately 300,000 barrels per day.
Several independent U.S. oil companies may sign production agreements with Venezuela’s state-owned oil company PDVSA in the coming days. This was reported by three sources familiar with the plans, according to Politico.
The signing ceremony was planned to take place in Houston with the participation of several U.S. producers and PDVSA representatives. Venezuela’s oil minister and the head of the state-owned company’s exploration division may attend.
The agreements are the result of efforts by the Donald Trump administration to increase oil production in Venezuela. In late April, U.S. officials visited Caracas and agreed on memorandums of understanding intended to lay the groundwork for new contracts.
According to energy consultant David Goldwin, independent U.S. companies could become the main source of growth in Venezuela’s oil production in the coming years.
“While the supermajors are waiting to see how the political situation unfolds, independent companies can quickly mitigate the risks of their projects,” Goldwin said.
At the same time, the expert predicts that new investments could increase Venezuela’s production by approximately 300,000 barrels per day over the next year. For significantly greater growth, he said, the country needs to restore its power supply and ensure more stable political and economic conditions.
Source: Politico
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