Venezuela closes deal with US company to explore oil

The contract provides for the company's participation in production from the Caro and Carisito fields. According to Henao, the expectation is to recover and expand activity in both areas.

The minister classified Hunt Oil as a company with a "recognized trajectory" in the sector and stated that the agreement aims to boost Venezuelan production.

Negotiations were concluded in Houston, Texas. The Venezuelan delegation includes the vice-minister of Geopolitics, Eduardo Ramírez, and representatives of the state-owned Petróleos de Venezuela (PDVSA).

In addition to the contract with Hunt Oil, the Venezuelan government announced a partnership with SLB, formerly Schlumberger, one of the largest service companies for the oil and gas industry in the world.

The agreement with SLB provides for integrated reservoir studies and the characterization of oil areas in Venezuelan territory. The initiative aims to provide technical information to guide exploration and production projects in the country.

The approach with the company is not unprecedented. In June, Venezuela and SLB had already signed a memorandum of understanding aimed at identifying cooperation opportunities in the energy sector.

Venezuela tries to attract new investments for oil

The new contracts are part of a movement to reopen Venezuelan industry to foreign capital. Since the capture of Nicolás Maduro by United States forces in January, the interim government of Delcy Rodríguez has been changing sector rules and seeking international companies to recover infrastructure and expand production.

In May, during another visit to Houston, Henao stated that Venezuela was preparing new rules to facilitate investment and allow greater participation by private companies in the oil and gas industry.

Venezuelan production is currently around 1.2 million barrels of oil per day, according to data cited by Reuters in July. The government has set a target of reaching around 1.37 million barrels per day by the end of 2026.

The recovery comes despite the two strong earthquakes that hit northern Venezuela on June 24. The tremors, of magnitudes 7.2 and 7.5, caused widespread destruction and left 6,438 people dead, according to the most recent official balance, released on August 17.

USA relaxed rules for companies in the sector

The resumption of investments was also favored by changes in the United States' sanctions policy.

In February, the US Treasury Department issued licenses that opened space for operations and new contracts involving the Venezuelan oil and gas sector. Among the companies covered were Chevron, BP, Eni, Repsol and Shell.

Authorizations were expanded in the following months. In June, for example, the Treasury updated licenses related to oil and gas operations and the supply of certain goods and services to Venezuela.

The change occurs at a time of rapprochement between Caracas and Washington. The Venezuelan government has sought foreign investment not only in the oil industry, but also in areas considered strategic, such as mining and electricity.

With the contract signed with Hunt Oil and the partnership with SLB, Venezuela is trying to accelerate the recovery of an industry that has some of the largest proven oil reserves in the world and has returned to the center of interest for international companies after the easing of North American restrictions.

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