Exports to the USA have reached significant volumes, accounting for about half of Venezuela's total production, which is estimated at approximately 1.25 million barrels per day. Currently, over 500 thousand barrels of Venezuelan oil arrive in the USA daily.
Against the backdrop of increased exports, Caracas is actively concluding new agreements with American oil companies. The goal of these steps is to attract investment and increase production volumes. Among the new partners named are Hunt Oil and SLB.
Venezuela's Minister of Oil, Paula Enao, reported that the agreement with Hunt Oil includes participation in the development and increasing production in two specific oil fields. However, the authorities have not yet disclosed information on the size of the expected investments or the additional production volume.
Furthermore, Venezuela has signed a framework agreement with SLB, formerly known as Schlumberger. It concerns the provision of comprehensive geological survey services across the country. These agreements are viewed by Caracas as part of a strategy to attract private capital and implement technologies to restore the oil industry.
Supplies to the USA have become a critical element of Venezuelan oil exports. U.S. Deputy Secretary of Energy Kyle Houstfeith confirmed that over the past months, more than 500 thousand barrels of Venezuelan oil have been arriving in the USA daily, which accounts for approximately half of the current production volume. He specified that this heavy crude is being sent to American refineries originally designed to process it.
In parallel, the USA is supplying over 100 thousand barrels of gasoline to Venezuela daily. This product is used to blend with heavy Venezuelan crude, which helps maintain its production rates. Houstfeith characterized this interconnected system as an 'energy partnership,' emphasizing the mutual benefit for both countries.
Vice President of the company, Giovanni Martinez, noted a 19.7% growth in oil exports since the beginning of the year, while fuel production increased by 12.9%. Nevertheless, Venezuelan officials point to an urgent need to modernize and expand refining capacities, as well as to develop domestic production of diluents for heavy oil.
It was also reported that the American company Greenland Energy has begun preparing exploratory drilling, despite the lack of necessary permits from the authorities of Greenland. Drilling of one well is planned to start in October, and on September 12, a vessel carrying about 300 containers of equipment will be sent from Canada.