HOUSTON — Two Texas-based oil companies have signed agreements with Venezuela’s state-owned oil company, PDVSA, marking an early step toward renewed U.S. energy investment in the country after the United States captured President Nicolás Maduro earlier this year.
Houston-based oilfield services company SLB and Dallas-based Hunt Oil Company signed the agreements with Petróleos de Venezuela, S.A. in Houston on Tuesday, according to Venezuelan state media.
Hunt Oil CEO Hunter L. Hunt said the company wants to help restore and expand Venezuela’s oil and gas production while training local workers, protecting the environment and supporting communities where it operates.
SLB did not immediately respond to a request for comment.
Since Maduro’s capture in January, President Donald Trump has encouraged U.S. oil companies to invest in Venezuela and help increase its energy production.
However, uncertainty over Venezuela’s political stability and changes in U.S. foreign policy have kept many major U.S. energy companies cautious about making large investments in the country.
Rice University political scientist Mark Jones said companies have sought investments that could produce shorter-term returns or require less capital.
Venezuela’s Oil Minister Paula Henao promoted investment opportunities during the Venezuela Energy Week Houston Showcase on Wednesday, telling U.S. energy executives that changes to the country’s oil laws could create new opportunities for companies.
PDVSA Executive Vice President Jovanny Martínez also described Venezuela’s oil industry as an opportunity for major investments.
James Chester, CEO of Energy Capital & Power, which organized the event, said the presence of Venezuelan energy officials in Houston showed the country’s effort to attract U.S. investment.
Francisco Monaldi, director of the Latin America Energy Program at Rice University’s Baker Institute for Public Policy, called the SLB and Hunt agreements a significant development after months of caution among U.S. companies.
“This could open up a new wave of investment,” Monaldi said. “Still, we have to wait and see if companies actually deploy their resources.”