Continental signs Venezuela oil block deal with PDVSA
The companies plan to advance a long-term operating agreement as Venezuela rewrites its oil rules and seeks new investment to revive output.
- On Wednesday, Continental Resources Chairman Emeritus Harold Hamm signed a memorandum of understanding with PDVSA Executive Vice President Jovanny Martinez in Houston to develop the Ayacucho 2 Block in Venezuela's Orinoco Belt.
- The agreement responds to the Trump administration's call for American energy companies to rebuild Venezuela's oil industry, which holds the world's largest proven crude reserves but produced just 0.8% of global output.
- Continental will operate the Ayacucho 2 patch with a 100% working interest, spanning roughly 126,000 acres and possessing an estimated 30 billion barrels of resources, the company said in a statement.
- Venezuelan Vice President Delcy Rodriguez stated the deal could generate more than $200 billion, while Secretary of State Marco Rubio estimated near-term private investment at nearly $100 billion.
- Both sides intend to advance a long-term agreement in the coming weeks, joining recent commitments including Chevron's more than $7 billion investment and Minerosol Group's $381.7 million deal.
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60 Articles
The Trump administration has announced an agreement with Caracas that, it says, grants the United States an important participation in the Venezuelan oil industry. In this question-and-answer session, Crisis Group experts Phil Gunson and Delaney Simon analyze the repercussions of the agreement.
Reforma
eldiariodechihuahua.mxThe oil agreement between Venezuela and the United States is questioned as a mechanism of dispossession that compromises the sovereignty and revenues of the country.
Trump's friends are already signing deals to take Venezuela's oil
“It’s a milestone deal in making the Western Hemisphere the center of the global energy system,” Energy Secretary Chris Wright said on Wednesday. He was talking about a fellow Trump ally’s oil deal with Venezuela: oil tycoon Harold Hamm of Continental Resources, a US petroleum and natural gas production company, who announced a preliminary deal […]
Venezuela and the New Spoils System: Access to Oil Starts with Access to Trump
Donald Trump has explained what the United States is doing in Venezuela in unusually candid terms. Speaking in Las Vegas on August 5 about the January military operation that removed Nicolás Maduro, Trump said the United States was “taking a lot of oil from Venezuela” and had already been repaid for the war “many, many, […]
US President Trump announced that the US is taking millions of barrels of oil from Venezuela under a deal that gives US companies control over a large portion of Venezuela's reserves.
Anadolu Ajansı
anews.com.trPresident says Washington has an ‘extraordinary’ relationship with Venezuelan government
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