Venezuela, U.S. Firms Seal New $2B Energy Agreements
New joint ventures with U.S. companies aim to mobilize over $2 billion in oil, gas and mining investment.
Venezuela signs energy agreements with U.S. firms in Caracas. Photo: Text Reads: Venezuelan Presidential Press
May 1, 2026 Hour: 12:42 am
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Deals target oil, gas and mining, with joint ventures and over $2 billion in projected investment
Venezuela’s acting president Delcy Rodríguez met with a delegation of U.S. officials and business representatives in Caracas to formalize new agreements on energy, mining and commercial cooperation.
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At Miraflores Palace, state-owned PDVSA signed accords with Overseas Oil Company and Crossover Energy Holding. The agreements are expected to generate more than $2 billion in investment, structured through joint ventures under a shared-benefit model aimed at expanding international participation in the sector.
Minister for Hydrocarbons Paula Henao reported that national oil production has reached 1,208,000 barrels per day. She said the new projects will focus on developing fields in the Orinoco Oil Belt and northern Monagas, with the goal of monetizing Venezuela’s hydrocarbon reserves.
Rodríguez stated that the agreements stem from diplomatic engagement focused on economic recovery and restoring workers’ purchasing power. She added that gas output from projects in Anaco, Monagas and Barinas will contribute to strengthening the national electricity system.
The acting president also referred to the impact of unilateral coercive measures on income levels and highlighted ongoing recovery efforts. Addressing U.S. President Donald Trump, she said Venezuela has “men and women of action and of their word” committed to advancing bilateral relations.
“These projects foster complementarity for the benefit of the peoples of the United States and Venezuela,” Rodríguez said. “I welcome this visit. I am convinced that we will continue consolidating an effective bilateral cooperation agenda.”
The U.S. delegation included Jarrod Agen, deputy assistant to the president and executive director of the National Energy Dominance Council, and John Barrett, head of the U.S. diplomatic mission in Venezuela. Representatives stated that the agreements and the resumption of regular air connectivity reflect the current state of bilateral relations and create new investment opportunities.
The delegation arrived on the inaugural American Airlines flight marking the reopening of the Miami–Caracas route. Venezuelan officials in attendance included senior figures from the energy, mining, finance and foreign affairs sectors.
Earlier in the week, Venezuela signed a memorandum with BP for gas exploration and production, and a term sheet with Italy’s ENI for activities in the Junín 5 area of the Orinoco Oil Belt.
The agreements follow engagement on March 4 with U.S. Interior and Energy Secretary Doug Burgum, as part of a broader effort to build conditions for international investment and support economic development.
Author: MK
Source: Agencies
