US oil company Hunt Oil confirms entry into Venezuela

U.S. oil firm Hunt Oil has officially signaled its return to Venezuela, signing a memorandum of understanding (MOU) to explore potential development projects within the country's energy sector. The company acknowledges the venture carries significant risk but is optimistic about its high production potential.

María Julia Aybar, senior vice president and country manager for Hunt Oil in Peru and Latin America, confirmed the agreement with Venezuelan authorities. In an interview with Peruvian newspaper El Comercio, Aybar expressed excitement about the prospect of evaluating oil development possibilities in Venezuela, stating, "We are quite excited because we have managed to sign an understanding agreement with Venezuela to evaluate development possibilities in oil. That excites us a lot because we could start working in that country and generate quite attractive production. It is a quite risky and aggressive bet, but we are excited about it."

Initially, the MOU focuses on crude oil production projects. However, Hunt Oil has not ruled out expanding its involvement to include natural gas initiatives. Aybar noted Venezuela's substantial oil potential and the company's extensive experience in the sector, suggesting that gas projects could be considered in the future.

If these investments materialize, Venezuela would become Hunt Oil's second-largest operational base in Latin America, after Peru. The company is also reportedly evaluating future expansion into Ecuador. Regional operations are expected to be coordinated from Hunt Oil's service hub in Peru, Hunt Services. Founded in 1934 and headquartered in Dallas, Texas, Hunt Oil currently operates in North America, South America, Africa, and the Middle East. Its entry into Venezuela adds to a growing list of international energy companies showing interest in developing the country's oil resources.

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We are quite excited because we have managed to sign an understanding agreement with Venezuela to evaluate development possibilities in oil. That excites us a lot because we could start working in that country and generate quite attractive production. It is a quite risky and aggressive bet, but we are excited about it.