Chevron has reached new agreements with Venezuela covering its joint ventures, unlocking plans for more than $7 billion in investment over five years and production growth to about 600,000 barrels per day, supported by additional Orinoco Belt acreage and lower costs.
Eni and Venezuela’s state-owned oil company PDVSA have signed a new hydrocarbon production agreement covering the development of the giant Junín 5 oil field in the Orinoco Belt.
The US and Venezuela have reached a major oil agreement granting Washington access to more than 65 billion barrels of reserves, with President Donald Trump calling it the “biggest oil deal in world history.” Venezuela says the agreement could attract more than $100 billion in investment.
Venezuelan interim President Delcy Rodriguez said that a new energy agreement with the US will remain in force for 25 years, targeting crude oil production of more than 1.5 million barrels per day (bpd) while preserving Venezuela’s sovereignty over its natural resources.
Venezuela’s oil production has surpassed 1.23 million barrels per day, reaching its highest level since February 2019, interim President Delcy Rodriguez said.
bp and the Government of the Bolivarian Republic of Venezuela have signed agreements to advance offshore gas development, including the award of an exploration and production licence for Phase 2 of the Loran field in the Plataforma Deltana area.
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.
bp and Venezuela have signed agreements to advance offshore gas development, including an exploration and production licence for Phase 2 of the Loran field in the Plataforma Deltana area, which holds an estimated 4 trillion cubic feet of recoverable gas resources.
XRG, the international energy investment company of Abu Dhabi National Oil Company (Adnoc), has entered Venezuela through the award of the offshore Loran licence and the transfer of an interest from PDVSA Gas, expanding its gas and LNG footprint in Latin America.
Venezuela will host its largest international energy investment summit from October 26–29 in Caracas, bringing together US, Venezuelan and international oil companies, investors, financiers and technical service providers to advance near-term investment opportunities across the country’s reopening energy sector.
