US Oil Companies Set to Ink Deals with Venezuelan State Firm PDVSA

U.S. oil companies are preparing to sign agreements with Venezuela's state oil company PDVSA, as part of efforts by the Trump administration to boost oil production in the country.

A signing ceremony was planned for Houston, where U.S. producers and representatives from PDVSA would participate. Venezuela's oil minister and head of PDVSA's exploration division may also attend.

The agreements are a result of recent efforts by U.S. officials to increase oil production in Venezuela, which followed a visit to Caracas in late April where memorandums were agreed upon to lay the groundwork for new contracts.

Energy consultant David Goldwyn believes that independent U.S. companies could become the main source of growth in Venezuela's oil production over the coming years, as supermajors wait for the political situation to unfold.