Venezuela Signs Deals With SLB, Hunt in Push to Boost Oil Output
(Bloomberg) -- Venezuela signed oil-related contracts with two US companies as the government of the South American country seeks to attract investment and boost crude production.
The agreements are with oilfield-services giant SLB Ltd. and independent producer Hunt Oil Co., Oil Minister Paula Henao said in an interview on state television on Tuesday from Houston.
The signings come as Caracas and Washington push to accelerate investment in Venezuela’s vast but underdeveloped oil reserves. Politico reported earlier that several independent US producers were expected to sign production contracts with state oil company PDVSA in the coming days, starting at an event in Houston on Tuesday evening.
Venezuela signed a hydrocarbons production participation agreement tied to the development and production enhancement of two oil fields, Henao said. She didn’t provide details on the expected investment or additional output.
The government also signed a framework agreement with SLB, formerly known as Schlumberger, for services related to integrated reservoir studies throughout the country, Henao said.
The deals mark another step in efforts by Venezuela and the Trump administration to revive the country’s oil industry by attracting private capital and expertise following the US’s capture of strongman Nicolas Maduro in January.
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