Venezuela signs oil deals with US companies to boost production

Venezuela has signed oil-related agreements with two U.S. companies as Caracas seeks to attract investment and increase crude production, Oil Minister Paula Henao said.

The agreements were signed with oilfield-services company SLB and independent producer Hunt Oil, Henao said in an interview with state television from Houston, Bloomberg reports.

Under the deals, Venezuela signed a hydrocarbons production participation agreement covering the development and production expansion of two oil fields. Henao did not disclose the expected investment or additional output.

The government also signed a framework agreement with SLB, formerly known as Schlumberger, for services related to integrated reservoir studies across Venezuela.

By Sabina Mammadli