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The U.S. is reportedly considering a formula focused on quick infrastructure repairs to boost oil production in Venezuela.
According to high-ranking officials from the Trump administration who spoke to Bloomberg, discussions are ongoing regarding this matter with Chevron (CVX.N), other oil producers, and major oil service providers.
The conversations would revolve around the deployment of SLB (SLB.N), Halliburton (HAL.N), and Baker Hughes (BKR.O) to repair and replace obsolete equipment and upgrade older drilling sites.
The investment could lead to an increase in production by several hundred thousand barrels in the short term.
American modern equipment and techniques could revitalize existing wells and bring new production online in a matter of months, officials consulted by Bloomberg said.
On Friday, Venezuela's interim president, Delcy Rodríguez, presented a comprehensive legal reform that would allow foreign and local companies to operate oil fields without state control, opening the sector to private capital for the first time since the era of Hugo Chávez.
The reform project for the Hydrocarbons Law, submitted last week to the National Assembly, aims to transform the core of Venezuela's energy model by altering the regulation that kept PDVSA as the dominant and sole operator for two decades.
The proposal would allow companies—both national and international—to independently produce and market oil, sign contracts directly with PDVSA, and receive revenues from crude sales, even if they only participate as minority partners.
Recently, PDVSA confirmed that it is in negotiations with the government of the United States for the sale of crude oil, within the context of what the state-owned company describes as “trade relations between both countries.”
In that sense, Trump asserted that the South American country "will earn more money in the next six months than in the last twenty years," thanks to a النفط agreement forged with the U.S. following the capture of Nicolás Maduro.
For his part, Rodríguez reported this Monday the entry into the country of 300 million dollars from oil sales, resources that —he stated— will be allocated to the foreign exchange market and the national banking system to “protect the purchasing power of workers.”
Similarly, the United States confirmed that it will allow China to continue purchasing Venezuelan oil, but no longer under the conditions that benefitted chavismo for years.
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