sources<\/a><\/span> who spoke to Politico on condition of anonymity because details of the event have not yet been made public, a signing ceremony involving several small US producers and Petr\u00f3leos de Venezuela (PDVSA) was scheduled to take place in Houston on Tuesday (18 August) evening.<\/p>\nOne source said Venezuela\u2019s oil minister and the head of PDVSA\u2019s exploration division were scheduled to attend the ceremony. Another source added that the event could be postponed until Wednesday morning.<\/p>\n
The White House, which did not immediately respond to a request for comment, was not expected to be officially involved in Tuesday\u2019s ceremony.<\/p>\n
However, the development follows a visit by senior officials to Caracas in late April, where they signed memorandums of understanding that established the framework for formal production agreements in the country, which holds some of the world\u2019s largest oil reserves.<\/p>\n
Despite the tailwind provided by high crude prices, negotiations had stalled over key details such as dispute resolution, while officials in Caracas contended with two devastating earthquakes in June that claimed thousands of lives.<\/p>\n
Venezuela\u2019s interim president, Delcy Rodr\u00edguez, announced new regulations last month that offer more favourable fiscal terms to international oil companies.<\/p>\n
According to an industry source close to the negotiations, the signing of the contracts comes after the Trump administration renewed pressure on Rodr\u00edguez to ensure PDVSA concludes agreements with American firms.<\/p>\n
The source said these efforts included outreach by Secretary of State Marco Rubio to discuss how increased oil revenues could assist the country following the devastating earthquake earlier this summer.<\/p>\n
The source added:<\/p>\n
\u201cDelcy reached a renewed awareness that increased oil production is the way to rebuild after the earthquakes and to achieve what her government wants to do for the people suffering from the earthquakes.\u201d<\/p>\n
David Goldwyn, president of the international energy consultancy Goldwyn Global Strategies, said investments from independent oil producers and boosting output from existing fields would serve as the \u201cprimary source of new oil growth for the next few years\u201d for Venezuela.<\/p>\n
\u201cWhile the oil majors are trying to buy time to see how the political situation clarifies and whether they can cherry-pick the best assets, independent companies can de-risk their projects in the short term,\u201d Goldwyn said.<\/p>\n
However, Goldwyn noted that these investments would add no more than 300,000 barrels per day to the country\u2019s oil production over the next year, falling far short of the multi-million-barrel increase that officials in Caracas and Washington wish to see.<\/p>\n
\u201cUntil the framework improves, electricity is restored, and the political picture becomes clear, all we will see is incremental production growth,\u201d the strategist said.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Several independent US oil producers are expected to sign production contracts with Venezuela\u2019s state-owned oil company in the coming days. According to sources who spoke to Politico on condition of anonymity because details of the event have not yet been made public, a signing ceremony involving several small US producers and Petr\u00f3leos de Venezuela (PDVSA) […]<\/p>\n","protected":false},"author":1,"featured_media":16136,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[176],"tags":[7308,21209,7298,9317,21210,503,17487,21212,3583,21211,15363,16961,2257,3874,821,1406],"class_list":["post-16135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-america","tag-crude-oil","tag-david-goldwyn","tag-delcy-rodriguez","tag-energy-consultancy","tag-goldwyn-global-strategies","tag-headline","tag-houston","tag-independent-producers","tag-marco-rubio","tag-oil-production-contracts","tag-oil-reserves","tag-pdvsa","tag-petroleos-de-venezuela","tag-trump-administration","tag-us","tag-venezuela"],"yoast_head":"\n
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