Venezuela proposes oil operation to private sector

According to sources, after some meetings between Venezuelan authorities and small businesses in oil fields in the in recent months, the country proposed the operation of oil fields of the state-owned PDVSA to the private sector.

So far, it is not clear whether any company really signed the contracts under discussion. However, the decision indicates that the President Nicolás Maduro is looking for investments for Venezuela as it leaves profits from these transactions would be pocketed. It is worth remembering that Venezuela faces a collapse in oil production, in addition to the sanctions imposed by the united in an attempt to remove Maduro from power.

Among the companies that would be involved with the possible would be S&B Terra Marine Services and Arco Services. However none of the companies responded to requests for comment, as did PDVSA and Venezuelan Ministry of Petroleum.

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