economy
Venezuela oil minister to U.S. companies: ‘It's an entire world waiting to be discovered’
Venezuela’s new petroleum minister sees her South American home not as a dilapidated former oil giant, but as an emerging energy economy ripe for U.S. and foreign investments in new oil and gas exploration, both onshore and offshore.
TL;DR
- Venezuela's hydrocarbons minister, Paula Henao, is promoting over 916 exploration opportunities for foreign investment.
- The country boasts estimated natural gas reserves of 192 trillion cubic feet and proven oil reserves exceeding 300 billion barrels.
- PDVSA Vice President Jovanny Martinez encouraged investment, stating Venezuela has the energy the world requires.
- Despite past expropriations, Venezuela is revising hydrocarbon laws to attract investment following Maduro's ouster.
- Smaller, private U.S. oil producers like Hunt Oil and Crossover Energy are actively signing new agreements.
- Venezuela's oil production has risen to over 1.2 million barrels per day, with potential to exceed 3 million barrels daily by 2040.
- Infrastructure development, particularly for the power grid and natural gas transport, is needed.
- Challenges include managing above-ground risks such as labor, equipment, and political stability.