Venezuela's oil ministry has put a temporary hold on 19 oil production agreements with private companies that were signed during Nicolas Maduro's presidency. The suspension won't affect current oil production levels, but both Venezuelan and U.S. officials are now examining these contracts and the companies involved.
Venezuela’s oil ministry has placed 19 oil production agreements with private companies on hold, according to four sources familiar with the decision. These contracts were all signed during Nicolas Maduro’s time as president.
The temporary halt hasn’t affected Venezuela’s current oil and gas production levels, sources confirmed. The state-owned oil company PDVSA continues to market and sell crude oil from these suspended agreements while the review process continues.
Both Venezuelan and American officials plan to examine these contracts closely and may choose to cancel some of them entirely, sources revealed. The two governments are conducting background checks on the companies that entered into these agreements, with particular scrutiny given to lesser-known firms that signed deals while Venezuela was facing U.S. economic sanctions.
The United States gained control over Venezuela’s oil exports and sales in January after capturing Maduro. Following this development, the U.S. Treasury Department has granted special permits allowing certain companies to conduct oil trade with Venezuela and operate within the country’s energy sector.
In late January, Venezuela’s National Assembly approved changes to the nation’s hydrocarbon legislation aimed at encouraging foreign investment in the country’s deteriorating oil infrastructure. The revised law gives the government a six-month window to examine all existing contracts.
Neither Venezuela’s oil ministry nor the White House responded to requests for comment on this matter.
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