Venezuela oil minister to U.S. companies: ‘It’s an entire world waiting to be discovered’

Venezuela's newly appointed petroleum minister, Paula Henao, is urging U.S. companies to invest in the South American nation's vast untapped oil and gas reserves. Speaking at an energy conference in Houston, Henao highlighted 916 exploration opportunities, including natural gas and other unexplored oil basins, in addition to the country's abundant proven oil reserves of over 300 billion barrels and an estimated 192 trillion cubic feet of natural gas.

She emphasized that Venezuela is a promising emerging energy economy, ready for foreign investments to develop these resources. She encouraged companies to "go to Venezuela to invest, go to Venezuela to develop businesses there," as the nation is at a crucial stage in its energy sector's history. Although U.S. oil companies have been hesitant to invest due to recent changes in hydrocarbon laws following the ouster of former President Nicolás Maduro, smaller private U.S. oil producers have already begun to establish a presence in Venezuela.

Companies like Hunt Oil and Schlumberger have signed new oil production agreements with the Venezuelan state oil company, PDVSA. Furthermore, Crossover Energy, based in Denver, plans to invest in Venezuelan oil fields, aiming to commence operations by January, despite the country's ongoing political and logistical challenges.