Half of Venezuela's oil now goes to the US.

Half of Venezuela's oil is now shipped to the United States.

Tashkent, Uzbekistan – Podrobno.uz News Agency.

Currently, approximately 50% of Venezuela's oil production goes to the United States. These exports exceed 500,000 barrels daily, with total daily production at approximately 1.25 million barrels. Amid rising exports, Caracas is actively pursuing new agreements with American oil companies in an effort to attract investment and increase production.

New contracts were signed with the American companies Hunt Oil and SLB. Venezuelan Oil Minister Paula Henao announced that the agreement with Hunt Oil provides for participation in the development and production expansion at two oil fields. However, authorities did not disclose the proposed investment volume or expected production increase.

Venezuela signed a framework agreement with SLB, formerly known as Schlumberger, to provide comprehensive oil reservoir survey services throughout the country. Caracas views these agreements as part of its efforts to attract private capital and technology needed to revive the oil industry.

Meanwhile, supplies to the United States have already become a key component of Venezuelan oil exports. US Deputy Secretary of Energy Kyle Haustfait stated that in recent months, the United States has been receiving more than 500,000 barrels of Venezuelan oil daily, representing approximately half of the country's current production. He stated that this heavy crude is being shipped to American refineries, which were originally designed to process it.

At the same time, the United States supplies Venezuela with more than 100,000 barrels of naphtha per day. This component is used for blending with heavy Venezuelan crude and helps maintain its production. Haustfait called the established arrangement an "energy partnership," emphasizing the mutual benefits of supplies between the two countries.

According to the company's vice president, Jovanny Martinez, oil exports have increased by 19.7% since the beginning of the year, while fuel production has increased by 12.9%. At the same time, Venezuelan authorities note the need to modernize and expand refining capacity, as well as develop domestic production of diluents for heavy oil.

It was previously reported that the American company Greenland Energy had already begun preparations for exploratory drilling, despite lacking the necessary permits from Greenlandic authorities. The company plans to begin drilling one well in October and dispatch a vessel from Canada with approximately 300 containers of equipment on September 12.