Colombian oil service firms move into Venezuela amid deal announcements, trade group says

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.

• 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. • "For oil goods and service companies it is an opportunity because we ⁠can complement the needs to restore the electrical and energy infrastructure in order ​to develop the 65 billion barrels agreed with the United States," ⁠Castaneda said.

• 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. • Colombia's oil and gas industry went four years ⁠without new exploration contracts under former President Gustavo Petro, who recently left office.

• 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.