US embassy backs Hunt Oil-PDVSA oil deal in Venezuela

On August 20, 2026, the US embassy endorsed the operational and investment agreement signed between energy company Hunt Oil and Petróleos de Venezuela (PDVSA), according to El Nacional. The accord is part of a strategy aimed at reactivating oil fields and incorporating technology to raise extraction levels.

Strategic alliances of this kind seek to channel private capital into hydrocarbon infrastructure in an environment where access to multilateral financing and sovereign risk spreads continue to pose a challenge for the state-run oil company. The participation of international operators facilitates the transfer of technical know-how and optimizes operations in key areas.

Meanwhile, according to El Nacional, PDVSA expects to add about 2 billion cubic feet of methane gas to its thermoelectric generation system by year-end, with the aim of strengthening the energy supply for industrial complexes and domestic demand.

Both initiatives aim to stabilize the national energy matrix and leverage crude production, although the consolidation of these projects will depend on operational continuity, compliance with investment timelines and the solidity of the commercial agreements signed.