The Daily Journal – U.S. energy company Crossover Energy has entered the final stage of negotiations to finalize oil agreements with Venezuela, CEO Eric McCrady confirmed during a conference in Houston. The company is finalizing the agreements with Petróleos de Venezuela (PDVSA) and the Ministry of Hydrocarbons.
Crossover Energy entered Venezuela after acquiring control of an operating company with a presence in the eastern part of the country. In early 2026, the company signed a memorandum of understanding with the Venezuelan government, paving the way for negotiations to explore investment opportunities in the oil sector.
Although McCrady did not provide details about the specific terms of the agreements, he confirmed that the parties expect to finalize them soon.
The potential agreement with Crossover Energy adds to a series of recent moves by U.S. companies in Venezuela’s energy sector. Earlier this week, another U.S. producer, Hunt Oil, signed an agreement with the government that will allow the company to operate in the Caro and Carisito oil fields.
In May 2026, Delcy Rodríguez’s interim government signed energy agreements with Crossover Energy Holding and Overseas Oil Company to operate in the Orinoco Oil Belt, home to the world’s largest reserves of heavy and extra-heavy crude oil.
Despite progress in the negotiations, Venezuela remains the world’s riskiest country for investment, according to JPMorgan’s EMBI index. In July 2026, the index placed Venezuela at 7,098 basis points, representing 7.5 times Ukraine’s risk level and 17.5 times Argentina’s.
On social media, some analysts have questioned Crossover Energy’s track record, pointing to the company’s limited experience in the oil industry.
