US and Venezuela sign new oil and gold sector agreements

The United States and Venezuela have announced new agreements in the oil and gold sectors, signed on the sidelines of the G20 summit in Houston. A key component of the deal involves a memorandum of understanding between the American company Continental Resources and Venezuela’s national oil company to develop a field in the Orinoco Belt.

The “Ayacucho 2” concession covers approximately 126,000 acres and contains estimated reserves of 30 billion barrels of oil, representing about 10% of Venezuela’s proven oil reserves. U.S. Energy Secretary Chris Wright described the project as a “historic agreement in US-Venezuelan relations” that aims to position the Western Hemisphere as a center for the global energy system.

In addition to oil, officials announced a new agreement with Henny Capital to develop gold extraction projects in Venezuela. These developments mark a significant shift in economic engagement between the two nations following years of sanctions.