Venezuela is attracting renewed interest from global oil majors after sweeping reforms opened its energy sector, but rebuilding its corroded infrastructure will require more than $100 billion and at least a decade, OilPrice.com reported.
Venezuela signed five agreements with Shell on Thursday to advance oil and gas projects, including the first phase of development of the mothballed Loran offshore gasfield.
India signaled interest in deeper energy ties with Venezuela, including sourcing crude supplies and investments in the country’s oil sector, after acting Venezuelan President Delcy Rodríguez held talks with Prime Minister Narendra Modi in New Delhi.
Energy companies heading to Venezuela are being told to bring their own power plants to run their oil and natural gas operations and shield them from frequent blackouts on the nation’s ill-maintained electricity grid.
Venezuela is making a fresh pitch to foreign oil companies: this time, if things go sideways, you may not have to fight it out in Caracas.
The Venezuelan government is circulating a draft of regulations as part of its newly enacted oil law, highly anticipated by companies planning to invest in the country’s increased oil production.
Venezuela’s acting president, Delcy Rodríguez, met Monday with Barbados’ Prime Minister Mia Mottley and invited her administration to invest in energy production in the South American country.
India has ramped up purchases of Russian oil and revived alternate supplies from Africa, Iran and Venezuela to blunt a sharp crude shortfall from the crisis-ridden Middle East, analysts said
Repsol SA said Thursday it had signed a deal with Venezuela on the terms of a renewed partnership that would see the Spanish company increase its oil production in the South American country.
Spain’s Repsol will return to Venezuela after it signed a new deal with the Venezuelan government, with plans to increase crude oil production in the country by 50% from current levels.