Colombian oil service firms move into Venezuela amid deal announcements, trade group says
CVX•Colombian firms move into Venezuela
BOGOTA, Aug. 31 (Reuters) - Colombian firms handling oil services and goods are moving into Venezuela to work in the sector, following announcements of reactivation and new exploration and production contracts, a trade group leader said on Monday.
The move comes as President Donald Trump announced that the United States had secured majority control over some 65 billion barrels of Venezuela's proven oil reserves through a partnership with private companies, in a deal acting President Delcy Rodriguez said would represent $209 billion in tax revenue for Venezuela.
Deal activity and wider industry backdrop
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U.S. companies Chevron and GE Vernova, India's ONGC, Italy's Eni and Colombia's GeoPark are close to signing final agreements in Venezuela after months of negotiations, sources told Reuters.
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Colombia's oil and gas industry went four years without new exploration contracts under former President Gustavo Petro, who recently left office.
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President Abelardo De La Espriella has said he would back the industry by allowing new contracts and fracking, but has yet to announce firm decisions.
Trade group says companies see opportunity
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Nelson Castaneda, head of Colombian industry group Campetrol, said member companies are moving to Venezuela and making deals to complement the Venezuelan oil services sector's existing capacity.
