Hunt Oil, another US producer, signed an agreement with Venezuela’s government the same week, securing access to two onshore oil fields according to the Ministry of Hydrocarbons. The timing of both companies’ activities suggests coordinated engagement between US energy firms and Venezuelan authorities.
The broader context emerged in additional reporting from May 2026, which revealed that Venezuela formally signed agreements with both Hunt Overseas Oil Company and Crossover Energy during a ceremony at Miraflores Palace. The deals grant operational rights in the Orinoco Belt, considered the world’s largest reserve of heavy and extra-heavy crude, along with fields in Anzoátegui, Monagas, and Barinas states. The agreements encompass both oil extraction and associated gas exploitation.
Investment commitments exceed $2 billion in the mining sector alone, according to statements from Jarrod Agen, executive director of the US National Energy Dominance Council, who attended the May signing ceremony. The agreements also target reinforcement of Venezuela’s electrical system through gas utilization, addressing critical infrastructure needs.
The deals follow normalized diplomatic relations after January 2026 events that removed Nicolás Maduro from power, with interim president Delcy Rodríguez leading the government. The resumption of direct flights between Miami and Caracas after seven years of suspension accompanied the energy agreements, marking infrastructure restoration alongside commercial reengagement. American Airlines operated the inaugural flight coinciding with the US delegation’s arrival for the Miraflores signing ceremony. Venezuelan authorities emphasized long-term relationship building with Washington, while US officials stressed rapid implementation timelines for petroleum, gas, and mining investments.
This article was curated and published as part of our South American energy market coverage.
