Link Securities | Venezuela plans to grant more oil exploration and production blocks to Repsol (REP) and Chevron (CVX-US), in a move that is part of the pressure from the Donald Trump administration for private companies to rebuild the country’s energy sector, according to Bloomberg and Bolsamanía.
According to the US media outlet, officials in Caracas are ready to award the new blocks as early as this week. The aim would be to give US and European companies greater access to Venezuela’s vast reserves in an attempt to revitalise an industry that has deteriorated over the last decade and reduce the influence of China and Russia in the country.
US Energy Secretary Chris Wright visited a Chevron-operated project in the Orinoco Belt on Thursday and said that the opportunity for cooperation between the two countries is ‘immense’ following the capture of former Venezuelan President Nicolás Maduro. ‘The combination of the talent of US companies and the passion of the Venezuelan people and the resources here – the sky’s the limit,’ he said.
