A Canadian company is moving to invest in the development of Venezuela’s oil fields, and it appears that the end of August will see the signing of an agreement detailing the development plan in cooperation with Caracas National Oil Company.
Canada’s New Stratus signed an agreement with GoldPillar, the British company, under which the latter would provide the necessary funding to reach the South American country’s fields, and the agreement would mark the first preliminary stages of a joint venture with Petroleos de Venezuela (PdV) once the agreement was completed.
Field development efforts to revive its declining production levels nearly 6 years ago coincide with the increase in Caracas oil production during July after the previous month’s decline, according to the specialized energy platform.
The agreement of the British companies New Stratos and Gold Pilar is the cornerstone of their proposed joint venture with the Venezuelan national oil company Petroleos de Venezuela.
The Tripartite Joint Venture Agreement aims to develop Venezuela’s oil fields, whose infrastructure has been destroyed and investments weak, and focuses mainly on the 4 of land fields in the eastern basin, after their production has declined since 2017.
The three parties are likely to reach an agreement by the end of August, pending the start of work in the fields as the fourth quarter of this year 2023 begins next October.
