The U.S. is in talks with Venezuela to take a large stake in its oil fields, a dramatic move by the Trump administration to extend its influence on the post-Maduro government and the nation’s vast energy reserves. Negotiators from both countries are discussing the plan, according to people familiar with the matter who asked not […]
Trump administration officials are working on a deal to secure long-term access to a portion of Venezuela’s crude reserves, sources with knowledge of the negotiations said on Thursday, a move that could ultimately lower the cost of oil imports. The agreement, which could be signed and made public soon, is expected to operate in a […]
A contract that SLB (SLB.N), opens new tab and Venezuela’s state-run PDVSA signed last week has granted the U.S. oil services and technology company access to oilfield data from the country with the world’s largest crude reserves, three sources close to the negotiations said.The deal will allow SLB to organize and upgrade PDVSA’s vast but outdated databases […]
Venezuela signed oil-related contracts with two US companies as the government of the South American country seeks to attract investment and boost crude production, a report said.
Industry leaders discussed Venezuela’s oil and gas reserves, emphasizing the importance of international partnerships, technology, and infrastructure development to unlock resource potential to help meet future global energy demand. Venezuela used an energy industry gathering in Houston on Aug. 19 to promote investment opportunities for US oil and gas companies, independent operators, service companies, technology […]
Venezuela is opening more of its oil and gas sector to private investment as the country seeks capital to rehabilitate mature fields, rebuild aging infrastructure and ultimately increase crude production toward 3 MMbpd, government and PDVSA officials said Aug. 19. Speaking at an industry event in Houston, Venezuelan Hydrocarbons Minister Paula Henao said recent regulatory reforms have […]
XRG is making one of the most significant new foreign investments yet aimed at unlocking Venezuela’s vast offshore natural gas resources for international markets, taking a stake in the 4 Tcf-plus Loran field as the country looks to establish a more direct path for its gas into the global LNG trade.
XRG, ADNOC’s international energy investment company, is entering Venezuela through an interest in the offshore Loran gas license, expanding its Latin American gas portfolio alongside bp and UCC.
Venezuela exported 1.16 million barrels of crude oil daily last month, a slight decline from June’s 1.2 million barrels daily, on lower withdrawals from storage, Reuters has reported, noting that exports to the United States during that month increased.
With Venezuela introducing sweeping reforms to its hydrocarbons sector and renewed international interest gathering pace, the Venezuela Energy Week London Industry Showcase will bring together policymakers, investors and industry leaders on July 30 to examine how the country’s evolving investment landscape is reshaping opportunities across the oil and gas value chain.