Venezuelan Oil Minister Offers 'Fan' of Crude and Gas Investments in U.S.

Venezuelan Minister of Hydrocarbons Paula Henao actively promoted a diverse range of investment opportunities in the country's oil and gas sector during an event in Houston, Texas. Henao emphasized prospects beyond heavy crude exploitation, including light oil fields and natural gas projects, in an effort to project stability and attract foreign investment.

Speaking at the symposium sponsored by the Venezuelan government and a South African public relations firm, Henao asserted that reforms to Venezuela's energy legislation have established a clearer regulatory framework. She stated these changes will accelerate investments in over 916 identified exploration opportunities across the nation. "We believe and trust that, protected by this new reform of the law, we can more expeditiously achieve all these investment plans," Henao declared.

Jeovanny Martínez, vice president of the state-owned oil company PDVSA, acknowledged the need to enhance the capacity and reliability of Venezuela's oil infrastructure, stating that this goal is achievable through investment. "We have evolved in recent years, and today we present to the world a contract that is pleasing and establishes clear conditions," Martínez added.

“

We believe and trust that, protected by this new reform of the law, we can more expeditiously achieve all these investment plans.

The visit by these high-ranking Venezuelan energy officials takes place amidst pressure from the U.S. government. Despite this, major U.S. oil companies have remained cautious about reinvesting in Venezuela. Chevron is the sole exception, having maintained its presence after former President Nicolás Maduro's government mandated majority stakes for PDVSA in oil projects in 2007.

ExxonMobil and ConocoPhillips sent teams to evaluate opportunities earlier this year, but no agreements with the Venezuelan government, led by interim President Delcy Rodríguez, have materialized. However, Henao announced prior to the event the signing of agreements with two U.S. energy companies: Hunt Oil, an independent producer, and SLB, a global oilfield services giant. Venezuelan crude production averaged 1.2 million barrels per day in July, a slight increase from June.

“

We have evolved in recent years, and today we present to the world a contract that is pleasing and establishes clear conditions.