Venezuela’s oil minister Paola Enau told investors in Houston Caracas seeks to
sign production-sharing contracts to raise output from the country with the
world’s largest crude reserves. She said 916 exploration and production blocks
are available and that Venezuela must conclude such agreements to access the new
blocks. This week Caracas signed deals with Schlumberger (SLB.N) and Hunt Oil;
about 140 companies attended the investor session as Venezuela seeks more
private investment to reverse a roughly 20-year decline in oil production.
