US Oil Firms Eye Venezuelan Deals Amid Boosted Output Hopes
American oil companies are set to sign production agreements with Venezuela's state oil company PDVSA in the coming days. The signing ceremony is planned to take place in Houston, Texas, and will involve several U.S. producers and representatives of PDVSA.
The move follows efforts by the Trump administration to increase oil production in Venezuela. In late April, U.S. officials visited Caracas and agreed on memorandums intended to lay the groundwork for new contracts.
According to energy consultant David Goldwyn, independent U.S. companies could become the main source of growth in Venezuela's oil production in the coming years. He notes that these companies can quickly reduce risks by investing in smaller projects.
The expert forecasts that new investments could increase Venezuela's production by approximately 300,000 barrels per day over the next year. However, he also emphasizes the need for stable political and economic conditions to achieve significantly greater growth.