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[BUSINESS] · Venezuela, United States · 46 sources

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Continental Resources and ExxonMobil advance energy deals in Venezuela

Several major American energy and mining firms are advancing deals to operate in Venezuela, signaling a shift in the country's economic landscape following recent political changes.

Continental Resources has signed a memorandum of understanding with the state-owned PDVSA to develop the Ayacucho 2 block in the Orinoco Belt. The 126,000-acre area is estimated to contain approximately 30 billion barrels of oil resources.

ExxonMobil is reportedly in preliminary negotiations to return to Venezuela, potentially evaluating assets such as the Petromonagas field. This follows Chevron’s announcement of a $7 billion investment over five years aimed at increasing local production to 600,000 barrels per day.

In the mining sector, the U.S.-based Heeney Capital has secured a 30-year agreement with the Venezuelan government and Corporación Venezolana de Minería to operate the Chocó gold mine in Bolívar state. The project, which involves Mercuria Energy, anticipates an initial investment of up to $1 billion.

While these deals aim to revitalize the national economy and attract foreign capital, local agricultural groups have expressed concerns that prioritizing the extractive industries could lead to the underfunding of essential rural infrastructure and food security.

Entities

Ayacucho 2 · Baker McKenzie · Baré Block · Continental Resources · Delcy Rodríguez · Doug Lawler · ExxonMobil · GeoPark Ltd. · Grupo Gilinski · Heeney Capital · Orinoco Belt · PDVSA

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Sources

Pdvsa suma nuevo aliado estadounidense [elperiodicodemonagas.com.ve]
12 days ago
9 days ago