Oil companies are negotiating with Venezuela's acting government, urging $100 billion in investment under a U.S. Treasury debt recovery program.
2 reports, 2 independent
Updated Jun 7
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What happened
Oil companies are negotiating with Venezuela's acting government, urging $100 billion in investment under a U.S. Treasury debt recovery program.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- ConocoPhillips faced debt via Citgo auction, while Continental Resources signed an MoU with PDVSA.Sub-event
Negotiations are underway for oil investment and debt recovery between major companies and Venezuela.1 source
Keep exploring
Part of
Oil majors, including ExxonMobil and ConocoPhillips, are seeking to restart production and secure durable contracts for Venezuela's vast oil reserves.Also in this story
- BP, Shell, and ConocoPhillips are actively involved in the revival of Venezuela's oil industry, including BP's investment in gas fields and corporate competition for licenses.
- The US is seeking investment to revive Venezuela's struggling oil sector, with talks focused on heavy crude reserves in Monagas state.
The entities involved
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Venezuela
Country in Latin America
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ExxonMobil
American multinational oil and gas corporation
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ConocoPhillips
American oil and gas company
Related events
- The United States claims a 20 percent stake in Venezuelan oil reserves, which are managed by PDVSA.
- A dialogue was held concerning macroeconomic prospects and policy priorities involving Venezuela, the IMF, and the Central Bank.
- PDVSA, Venezuela's state oil company, signed a crude and gas agreement with Repsol to regain operational control of assets in Lake Maracaibo.
- ConocoPhillips seeks US government financing while Trump seeks $100B investment in Venezuelan oil, which ExxonMobil finds uninvestable.
- Strategic objective is set to monetize oil reserves as the government mandates structural reforms for investment in the sector.