Post #1395

Following an electoral accord between the Nicolás Maduro government and the US-backed opposition signed on October 18, the US Treasury Department issued time-limited licenses allowing production, investment and sale in the Venezuelan oil and gas sectors. Since then, Venezuelan oil authorities have prioritized hiring services and equipment to reactivate wells and rigs, which would expand production capabilities, while looking to export long-stored crude. According to a July presentation by Venezuelan Oil Minister and PDVSA president Pedro Tellechea, the company is looking to revive 27,966 wells, mostly located in Venezuela’s western region, with the stated goal of reaching 1.7 million bpd by the end of 2024. https://venezuelanalysis.com/news/venezuela-signs-deal-with-frances-maurel-prom-amid-efforts-to-increase-oil-production/