EFE.— Venezuelan Hydrocarbons Minister Paula Henao will attend an event with U.S. companies in Houston on Wednesday that could lead to agreements allowing independent U.S. oil companies to begin participating in crude production in the Caribbean nation, Politico reported Tuesday.
Henao confirmed her participation in the Houston event, where she will promote ‘Venezuela Energy Week,’ an investment fair scheduled for late February in Caracas.
According to Politico, several oil companies outside the major U.S. energy groups are preparing to sign crude production agreements with state-owned Petróleos de Venezuela (Pdvsa), marking another step toward greater U.S. participation in Venezuela’s energy industry.
Three anonymous sources cited by the outlet said the companies plan to sign the agreements in Houston, although they did not disclose the names of the companies involved or the financial terms of the contracts.
The agreements would expand the presence of U.S. companies in Venezuelan oil production after President Donald Trump’s administration pushed in recent months for the return of private capital to the country’s energy sector and sought to revive an industry that has suffered for years from a lack of investment and deteriorating infrastructure.
The report comes after Washington pressured oil companies to participate in efforts to revive Venezuelan production, while several international companies have begun exploring new opportunities in the country.
The U.S. government has presented increased Venezuelan production as a way to revitalize the sector and expand crude supplies. At the same time, Caracas seeks to attract foreign investment to reactivate its main source of revenue.
Since the capture of Nicolás Maduro on January 3, the U.S. government has created a legal and financial framework to ease sanctions and issue licenses that facilitate the development of Venezuela’s oil and other natural resources.
In March, the Treasury Department issued a license authorizing U.S. companies to produce and trade Venezuelan oil, an industry that Washington continues to sanction.
