On August 19, Venezuelan Minister of Oil Paula Enao announced the signing of two significant documents with US companies: a contract with oil company Hunt Oil for participation in oil and gas exploration at the Karito field, and a framework agreement with oilfield services company SLB for comprehensive exploration at the same site. The signing took place in Houston (Texas) at the IMAGE 2026 conference, which ran from August 17 to 20 and brings together geologists, geophysicists, and companies operating across the entire energy chain.
Investment Context and the IMAGE 2026 Conference
During the meeting, the Venezuelan delegation presented foreign partners with the country's investment opportunities and new mechanisms for managing the industry. According to sources, these mechanisms were developed after amendments to the oil and gas law were approved by the National Assembly in January 2026. The amendments are aimed at expanding opportunities for the private sector and foreign companies, making the current agreements a logical continuation of the course toward opening the market.
Timeline of Agreements with Hunt Oil
The contract signed in Houston is not the first step in Caracas's cooperation with Hunt Oil. As early as April 2026, Venezuela and the US company signed a memorandum of understanding on investment projects in the oil and gas sector. Thus, the August agreement can be seen as a transition from framework intentions to a specific contract for the exploration of the Karito field.
SLB's Role and Comprehensive Exploration
In parallel with the exploration contract, a framework agreement was signed with SLB — one of the world's largest oilfield services companies. The document provides for comprehensive exploration of the Karito field, which entails the use of US technologies and services at all stages of geological exploration work. The combination of a contract with the operator (Hunt Oil) and a framework agreement with the service contractor (SLB) forms an integrated model of foreign capital participation in the project.
Significance for Venezuela's Energy Policy
The agreements were signed at a time when Venezuela is implementing a new mechanism for managing the oil and gas sector following the January 2026 amendments. The involvement of US companies against the backdrop of previous political and sanctions restrictions between Washington and Caracas points to a shift in practical cooperation between the two countries in the energy sector. For Caracas, this is a way to attract investment and technology for reserve exploration; for US corporations, it is access to large Venezuelan resources.
Contradictory Data
In the provided sources (Vietnamese outlets baohaiphong.vn and vietnam.vn), the versions of events, dates, and company names are fully consistent: August 19, Houston, the IMAGE 2026 conference (August 17–20), the Karito field, the companies Hunt Oil and SLB, a preliminary memorandum with Hunt Oil in April 2026, and amendments to the oil and gas law in January 2026. No discrepancies in figures or dates between the sources were found. However, it should be noted that both sources are secondary and do not contain direct primary sources — official statements from the Venezuelan Ministry of Oil, Hunt Oil, or SLB — so contract details (investment volumes, equity stakes, timelines) are not disclosed in open materials.
