US Oil Companies Eye New Deals with Venezuelan State Oil Company
Several small US oil companies are preparing to sign new deals with Venezuela's state-owned oil company, Petróleos de Venezuela (PDVSA), according to a report by Politico. The agreements are scheduled to be signed next week in Houston.
The ceremony will feature representatives from several US producers and PDVSA, as well as Venezuela's oil minister and the head of PDVSA's exploration division. However, White House representatives have reportedly declined to attend officially.
The move marks progress after efforts by the Trump administration to develop new oil production in Venezuela stalled in recent months. The administration had launched an operation to capture Venezuela's former leader Nicolás Maduro in January, and has since pushed PDVSA to sign contracts with US companies.