Hunt Oil signs MOU with Venezuela to explore oil development

U.S. oil company Hunt Oil has signed a memorandum of understanding with the interim government of Venezuela to evaluate opportunities in the country’s hydrocarbon sector. The agreement, announced by senior vice‑president María Julia Aybar, focuses first on high‑production crude‑oil projects, with the possibility of later expanding to natural‑gas initiatives. Aybar described the venture as “risky and aggressive” but expressed strong enthusiasm about the potential for attractive production.

The deal places Hunt Oil alongside other American firms seeking to invest in Venezuela’s energy infrastructure following recent political changes that have offered new security guarantees for foreign operators. Founded in 1934 by H. L. Hunt, Hunt Oil operates in North America, South America, Africa and the Middle East, and would coordinate any regional activities initially from its Peru‑based platform. The company also indicated it is evaluating a future expansion into Ecuador.