Oil Companies Rush Into Venezuela, Lifting Exports to Highest Since 2018

2 articles · Updated · POLITICO · Jun 15

Venezuela’s oil exports have climbed to their highest level since 2018 as oil companies race to secure acreage and move from preliminary MOUs toward binding production contracts with PDVSA.
Mideast turmoil and prolonged Persian Gulf uncertainty are driving the push, while companies also fear missing out because fields are being informally claimed on a first-come, first-served basis.
Hunt Oil, HKN Energy and Crossover Energy are among smaller U.S. firms that have signed MOUs, and advisers say most Venezuelan oil fields are already covered by initial agreements.
The Trump administration says negotiations have advanced significantly in recent weeks, framing the deals as part of broader efforts to reopen Venezuela to foreign investment and restore oil flows to the U.S.
Interest now extends beyond U.S. firms: India became Venezuela’s second-largest oil buyer in May, and Asian and European buyers are also seeking alternatives to Middle East supply.