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By Kevin Crowley and Lucia Kassai
Venezuela is keen to sign production-sharing contracts and ramp up output from the world’s biggest crude reserves, Oil Minister Paula Henao told investors in Houston.
There are 916 areas in Venezuela available for exploration and production, Henao said at a conference on Wednesday. The country is known for its heavy oil but there are also opportunities in light and medium crudes as well as natural gas, she said.
“We need to reach these agreements in order to reach these new areas,” she said. “We have a whole world there to discover for you.”
Venezuela signed deals with oil field services giant SLB Ltd. and independent producer Hunt Oil Co. this week but wants more private investment to revive production, which has steadily declined over the past two decades.
About 140 companies were present in the audience, demonstrating the level of interest in investing in Venezuela, Henao said.
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