Houston, TX – Venezuelan government officials met with U.S. energy executives in Houston this week to sign two major oil investment agreements aimed at expanding crude production and mapping underground reserves, according to statements released by Venezuela’s Foreign Ministry.
The deals were finalized during the IMAGE 2026 energy conference in Houston, official records show. They mark the first commercial energy partnerships signed on U.S. soil under Venezuela’s interim president, Delcy Rodríguez, following reforms to the South American nation’s oil laws that reopened its energy sector to foreign capital.
Drilling contracts and technical alliances
Under the agreements detailed by the ministry, Dallas-based Hunt Oil entered a production contract to restore and optimize operations across two oil fields. In a separate deal, Houston-headquartered oilfield services giant SLB, formerly Schlumberger, signed a framework alliance to conduct nationwide technical studies on reservoir health and recovery potential.
Houston hosted Venezuelan officials this week as they signed historic oil agreements with Texas companies SLB and Hunt Oil to expand crude production. (Ministerio de Hidrocarburos)
Venezuela’s minister of hydrocarbons, Paula Henao, announced the deals during a panel alongside U.S. Deputy Secretary of Energy Kyle Haustveit, according to the ministry statement. Henao told conference attendees that recent legal reforms provide international investors with the regulatory certainty needed to tap into Venezuela’s energy reserves, which remain the largest proven crude deposits in the world.
Official records indicate the summit delegation also included executive leadership from Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A., known as PDVSA, as well as diplomatic representatives working with the U.S. Department of Energy.
What the agreements mean for Houston
For Houston’s energy sector, major international service agreements often translate into local activity, according to energy workforce experts interviewed by KPRC 2. As the global hub for oilfield engineering and technical geoscience, local firms typically handle the complex data modeling, project management, and equipment logistics required for overseas field rehabilitation.
According to official Venezuelan government data reported by Agence France-Presse, crude output in the country has rebounded this year to 1.2 million barrels per day. However, energy analysts caution in KPRC 2 reports that physical infrastructure in Venezuela will require sustained, multi-year capital investment before additional supply reaches global markets or exerts measurable influence on consumer fuel prices.
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