28/08/2026 by Jay Hatton
Two US oil-related companies have signed contracts with Venezuela in line with the country’s efforts to increase oil production by attracting investment.
Paula Henao, Venezuela’s oil minister, spoke in Houston in an interview with state television. She said Hunt Oil Co., an independent producer, and SLB Ltd., a giant in oilfield-services, have signed agreements. She did not disclose production or investment targets, but did say the agreements were related to improving development and production for two oil fields.
This highlights growing interest in the country’s efforts to attract fresh energy investment. Delcy Rodríguez, the interim president of Venezuela, recently announced new regulations to attract international oil companies with more attractive financial terms.
Oil majors are being a little more cautious, although many are reportedly exploring options. For example, ExxonMobil, the maker of the Mobil Pegasus gas engine oil, is said to be in talks to acquire oil-production rights in Venezuela.
Goldwyn Global Strategies’ David Goldwyn said to POLITICO that with the bigger players waiting:
“…until they see how the politics sort out, independents can derisk their projects in a short period of time…Incremental production is all we will see until the framework improves, electricity is restored and the political picture becomes clearer.”
He said that increasing production at developed fields and investment from smaller oil companies were likely to represent the main imminent growth in oil production. He expressed, however, that this would likely only account for about 300,000 barrels per day more over the coming year.
You may also interested in:
BP completes sale of Castrol stake
UK-based BP has completed the sale of a majority stake in the Castrol business to US-based investment firm Stonepeak.
Chevron details steps to increase diesel supply
US-based oil major Chevron has outlined its efforts to increase the amount of diesel it is putting on the markets.