Venezuela receives equipment to boost oil sector

Venezuela has begun to recover its oil sector after years of decline, with the arrival of new oil equipment reflecting a genuine move to revitalize dormant oil fields that have been inactive for more than a decade. According to an agreement announced last August between Washington and Caracas, North American Blue Energy Partners manages fields spanning 100 years, containing reserves of up to 65 billion barrels — the largest deal in the history of the global oil industry. The agreement includes Washington purchasing 20% of the production and a 35% stake in the parent company. Advanced equipment, including drilling rigs and 11 platforms for well rehabilitation, has arrived. This marks the first time in over 15 years that modern well maintenance systems are being used in Venezuela, aiming to boost production and achieve an economic revival after decades of decline.

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