Venezuela signs agreements with Schlumberger and Hunter Oil to accelerate crude oil development and attract foreign investment

(1) Venezuelan Oil Minister Paula Henao announced that the government has signed oil-related contracts with American oilfield services giant SLB and independent producer Hunt Oil Company, aiming to attract investment and boost crude oil production. (2) The agreements include an oil and gas production participation agreement with Hunt Oil involving the development and capacity increase of two oilfields, though investment scale or specific details on anticipated additional output were not disclosed. In addition, the Venezuelan side signed a framework agreement with SLB, which will provide comprehensive reservoir research services nationwide. (3) These signings come as both the US and Venezuela work to accelerate investment in Venezuela’s vast oil reserves. Politico previously reported that several more US independent oil producers are expected to sign production contracts with Petróleos de Venezuela, S.A. (PDVSA) in the coming days.