Venezuela expects almost $76 billion of investment in its oil and gas sector over the next five years, Acting President Delcy Rodríguez said Saturday, as the country seeks to draw private capital into a push to boost energy production.
North American Blue Energy Partners (NABEP) is deploying 11 new 550-hp workover rigs in Venezuela. According to the company, they are the first new mobile repair-and-maintenance rigs to operate in the country’s oil fields in more than 15 years. Two new 1,500-hp drilling rigs also arrived on Oct. 7, and NABEP said more equipment is […]
Baker Hughes has signed two agreements aimed at supporting oil and gas development and expanding natural gas infrastructure in Venezuela, including a strategic alliance with state-owned PDVSA focused on gas production, processing and potential LNG exports.
Eni SpA and Repsol SA are considering bringing in outside investors into the giant Perla natural gas field off Venezuela’s coast, as the Trump administration pushes to unlock the South American country’s energy reserves. The two partners, which each own 50% of the offshore venture, are evaluating whether to sell a portion of their […]
Venezuela’s energy sector is entering a period of significant commercial change, with a reworked hydrocarbons framework beginning to translate into new agreements with international energy companies. Venezuela is moving from regulatory reform toward implementation. In January 2026, the country enacted a reform of its Organic Hydrocarbons Law, introducing new contractual mechanisms for primary hydrocarbon activities […]
Halliburton has signed memorandums of understanding (MoUs) with Eneva and WESCA to pursue oil and gas development opportunities in Venezuela, expanding its involvement as companies evaluate new projects in the country.
Continental Resources has signed a memorandum of understanding (MOU) with Venezuela’s state-owned PDVSA to operate and develop the Ayacucho 2 block in the Orinoco Oil Belt, marking the U.S. independent’s entry into Venezuela. The 126,000-acre block in Anzoátegui state is estimated by Continental to contain approximately 30 billion barrels of oil resource in place. Continental […]
Venezuela is deploying officials to a Group of 20 summit of energy chiefs in Texas this week, underscoring the rapid rapprochement between Washington and Caracas. The Venezuelan authorities are attending the G20 energy ministerial that started Monday in Houston at the invitation of the Trump administration, according to a White House official who asked […]
Chevron Corp. is finalizing a deal that will significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt, part of a push by U.S. President Donald Trump to ramp up production in the South American country. The Texas oil company has negotiated operating rights to the fields in the Carabobo […]
The US is close to reaching a deal with Venezuela to establish a stake in 17 oil fields, potentially worth 90 billion barrels of the country’s vast reserves, reported Axios on Thursday.