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US Energy Producer to Announce Major Venezuela Investment, Secretary Wright Says
Summary
A U.S. oil and gas company is expected to announce a significant investment in Venezuela's energy sector on Wednesday, according to U.S. Energy Secretary Chris Wright. The move comes as foreign firms are drawn to the OPEC nation amid a sweeping industry reform.
A U.S. oil and gas producer will announce a major investment into Venezuela on Wednesday, U.S. Energy Secretary Chris Wright said in an interview with Fox News. The development signals growing corporate interest in the nation's energy assets amid a major overhaul of its oil industry.
Continental Resources Tipped for Deal
According to a Bloomberg News report, Oklahoma City-based Continental Resources is the company expected to announce the investment. The deal is anticipated to be unveiled at a G20 energy summit in Houston.
Continental, founded by billionaire Harold Hamm, was reportedly among a group of companies that held talks with the Trump administration about potential investments following the removal of former President Nicolas Maduro from power in January. Reuters noted that Continental Resources did not immediately respond to a request for comment.
AdContext: Venezuela's Energy Overhaul
The expected investment is part of a broader trend of foreign energy firms establishing operations in Venezuela. This migration is being driven by a sweeping energy reform and a Washington-supported $100 billion reconstruction plan for the country's vital oil industry.
New entrants, primarily U.S.-based companies, are committing to development projects as the nation restructures its joint ventures and production-sharing contracts. In a separate development, Florida-based Denarius Holding Group also announced on Wednesday that it had secured a 20-year agreement to operate a Venezuelan oil project. The main shareholder of Denarius is the Turkish energy firm Can2 Termik.
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