The Daily Journal.- A high-level official delegation traveled to the state of Texas, United States, with the aim of consolidating strategic alliances oriented toward reactivating the national oil industry.
Venezuela’s Minister of Hydrocarbons, Paula Henao, and the Vice President for Exploration and Production of Petróleos de Venezuela (PDVSA), Yovanny Martínez, participated in the Venezuela Exploration and Production Summit, a high-level event organized by the American Association of Petroleum Geologists (AAPG).
During the summit, Venezuelan authorities held working sessions and private meetings with energy firms and U.S. investors interested in the country’s project portfolio. According to the official report, the purpose of the agenda was to coordinate mechanisms for supplying technology and critical components required by local infrastructure.
To achieve sustained growth in hydrocarbon extraction, the official delegation presented a list of the most urgent operational needs of the national industry. The optimization plan requires capital investment directed toward the acquisition of specific inputs such as “pumps, frequency converters, wellheads, valves, pipes, and gas compressors,” as well as chemical products used in drilling, processing, and transport stages.
In front of industry executives, government spokespersons expressed the Venezuelan state’s commitment to offering legal stability and a transparent business environment.
“With these actions, Venezuela seeks to promote a favorable environment that contributes to development, to strengthening its productive potential, and to the overall well-being of all the Venezuelan people,” stated a report from the Ministry of Communication and Information.
The administration of Delcy Rodríguez is advancing in the adaptation of existing regulatory frameworks in order to streamline and facilitate new foreign investments in the hydrocarbons sector.
Recently, the Venezuelan government and the state oil company distributed to potential investors and energy service firms a draft regulation of the new Organic Hydrocarbons Law and a model contract. The document, currently under technical consultation, aims to make operations in the sector more flexible, while preserving strategic fiscal tools for the state.
With information from Mippci.
