US Oil Services Firms Join Push for Revamped Venezuela License

In an effort to restart unfinished oil drilling projects in Venezuela, U.S. firms such as Baker Hughes, Schlumberger, Halliburton and Weatherford have joined the appeal in Washington to authorize drilling projects in the country.

Marianna Parraga, Matt Spetalnick and Deisy Buitrago, Reuters

Some U.S. oilfield firms whose Venezuelan operations were frozen by sanctions are joining an appeal to Washington for authorizations to restart oil drilling in the South American country, according to eight sources with knowledge of the talks.

If they are allowed to resume work, Venezuela could quickly ramp up production capacity beyond 1 MMbbl/d, analysts said.

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