US Edition
Published • loading... • Updated
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro: Report
Venezuela reviews 19 oil contracts after new law shifts management to private firms while state retains resource ownership, aiming to boost foreign investment.
- Venezuela's government suspended 19 production-sharing agreements with private oil companies for review, covering projects in Lake Maracaibo, the Orinoco Belt, and several mature fields.
- Parliament passed oil-law changes earlier this month to attract foreign investment, keeping resource ownership with the Venezuelan state while private companies must prove capacity through Venezuelan oil ministry approval.
- Despite the freeze, Venezuela's total oil output remains steady, producing around 1 million barrels of crude daily with no impact from the frozen production-sharing agreements.
- U.S. Energy Secretary Chris Wright highlighted revenue potential, noting foreign operators will control production and sales, ending PDVSA's monopoly and potentially generating $5 billion this month.
- Looking ahead, U.S. Energy Secretary Wright said Venezuela's crude oil and natural gas output could increase dramatically as soon as this year.
Insights by Ground AI
16 Articles
16 Articles
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Venezuela's oil ministry suspends 19 production-sharing contracts, including projects in Lake Maracaibo and the Orinoco Belt, as part of a broader review of deals linked to US sanctions.
·Jerusalem, Israel
Read Full Article
Venezuela cancels 19 oil, gas production-sharing deals signed under Maduro: Report
The suspension has had no impact on the country's oil and gas output so far, the sources said. State oil giant PDVSA is selling the crude produced under the contracts while they are suspended, they added.
·India
Read Full Article
ReformaReposted by 
elnorte.com
elnorte.comReports indicate that Venezuela temporarily suspends petr leo contracts signed under the mandate of President Nicol s Maduro.
·Mexico City, Mexico
Read Full ArticleCoverage Details
Total News Sources16
Leaning Left4Leaning Right2Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 36%
C 46%
R 18%
Factuality
To view factuality data please Upgrade to Premium
