Venezuela Oil Deals Signed by Big US Companies Spark Hope for Smaller Firms

The US oil and gas industry has secured its first major deals in Venezuela since the overthrow of President Nicolás Maduro in January.

Among those that have struck deals are Chevron, SLB (formerly Schlumberger), Hunt Oil, and the US government itself.

Chevron signed a $7 billion agreement to more than double its production in Venezuela over the next five years to 600,000 barrels per day, making it the largest private producer in the country.

The Trump administration also signed a deal giving the United States a 35% equity stake in Venezuelan oil company North American Blue Energy Partners and the right to buy 80% of its crude production at the company's cost.