A U.S. oil and gas producer will announce a major investment into Venezuela on Wednesday, U.SEnergy Secretary Chris Wright told Fox News.
Foreign oil producers are migrating joint ventures and production sharing contracts in Venezuela as part of a sweeping energy reform, while new entrants – mostly U.S.-based firms – are committing to development projects in the OPEC country encouraged by a Washington-supported $100 billion reconstruction plan for the industry.
Oklahoma City-based Continental Resources, founded by billionaire Harold Hamm, is expected to announce a deal to invest in the South American country at a G20 energy summit in Houston, Bloomberg News reported.
Continental is among a group of companies reported to have held talks with the administration of U.S. President Donald Trump about possible investments in Venezuela after U.S. forces removed former President Nicolas Maduro from power in January.
Continental Resources did not immediately respond to a request for comment.
Separately, Florida-headquartered Denarius Holding Group, whose main shareholder is Turkey’s energy firm Can2 Termik, said Wednesday that it had reached a 20-year agreement to operate an oil project in Venezuela.
