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News > Venezuela

Venezuela Ready Engage With Energy Companies, Says Maduro

  •  President Nicolas Maduro

    President Nicolas Maduro | Photo: VTV

Published 6 December 2022

Venezuelan President Nicolás Maduro affirmed on Tuesday that his country is ready to establish contracts with world energy companies to produce and export oil.

"Venezuela belongs to the world's energy equation and we are ready and prepared to produce, to export and to enter into contracts and agreements with all the energy companies of the entire world, from the United States and Europe," said the president during a speech.

Maduro indicated that his country could not be excluded from the "energy equation" since he said it has the oil resources for the stability of the world market.

 President Maduro Highlights Venezuelan Economic Prospects

"All the oil, refined products and gas needed for energy stability and the smooth and stable operation of the energy market of the United States, Europe and the world are in Venezuela and we are ready to be reliable suppliers of oil and refined products," he commented.

Likewise, he pointed out that ideology should not prevail in energy relations.

"Commercial and energy relations cannot be ideologized (...) No matter the political regime, commercial and energy relations in the world must be de-ideologized. Sanctions against Venezuela are a folly that has hurt the people of Venezuela, but also, after the war in Ukraine, they have done great harm to Europe, the United States and the world," he stressed.

Maduro stated that after signing agreements with the U.S. company Chevron, this company would start producing oil for the world market.

These new agreements aim to reactivate crude oil production and expand operations through the joint ventures Petroboscán, Petroindependiente, Petropiar and Petroindependencia, of which Chevron is a strategic partner, according to the Venezuelan Government.

On November 26, the US authorized Chevron to operate again in Venezuela after the resumption in Mexico of the dialogue table between the government presided by Maduro and the Unitary Platform of the opposition.

With the measure, Chevron and its subsidiaries can resume limited activities of oil exploration and exploitation because the authorization prevents the state-owned Petróleos de Venezuela S.A (PDVSA) from receiving profits from crude oil sales by the US company.

Since 2017, direct US sanctions against PDVSA began, preventing Caracas from any transaction in the financial system, from financing to purchasing spare parts or maintenance contracts.

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