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Venezuela resumes drilling amid US oil deal
New oil equipment has arrived in Venezuela as part of an agreement allowing the United States to purchase 20% of NAPET's production at cost price. This includes fields with reserves estimated at around 65 billion barrels. The goal of the agreement is to improve Venezuela's oil production, which has fallen to approximately 1.2 million barrels per day after a significant decline over the years, though it remains well below the 3 million barrels per day level at the end of the 20th century. The deal also grants a 100-year management of oil concessions covering 17 fields, despite political and judicial obstacles faced by NAPET. The agreement highlights Venezuela's efforts to restore its position in oil production.
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