Maduro declares Venezuela possibly to give energy rights to BRICS
(MENAFN) In a bold statement made during a press conference in Caracas on Friday, Venezuelan President Nicolás Maduro hinted at the possibility of transferring the development rights of Venezuela’s extensive oil and gas reserves from American energy companies to entities from BRICS nations. This warning underscores growing tensions between Venezuela and the United States.
Maduro's remarks were directed at the United States and its allies, suggesting that if Washington and its partners continue to destabilize Venezuela, the country may redirect its energy resources to BRICS members. Originally composed of Brazil, Russia, India, and China, BRICS has expanded to include South Africa, and more recently, Egypt, Ethiopia, Iran, and the United Arab Emirates. Many other nations, including Venezuela, have expressed interest in joining the group.
Venezuela, with an estimated 303 billion barrels of crude oil, holds about 17 percent of the world’s oil reserves, making it a critical player in global energy markets. According to the International Energy Agency (IEA), Venezuela has the largest proven oil reserves globally. The country's oil industry has been significantly impacted by United States sanctions, which led to a complex relationship with American energy firms.
Chevron, the only major United States oil company still operating in Venezuela, secured a license to extract oil in November 2022 after a sanctions waiver was granted. This agreement was part of a broader deal that involved unlocking some of Venezuela's oil proceeds that had been frozen due to sanctions. Chevron is currently engaged in multiple projects in Venezuela, including both onshore and offshore operations, in collaboration with the state-owned oil company Petroleos de Venezuela (PDVSA). The company has set a target to boost oil output by 35 percent this year by bringing new wells into production.
Maduro's comments reflect the ongoing geopolitical struggle over Venezuela's vast energy resources and highlight the potential realignment of its economic partnerships in response to perceived United States interference and sanctions.
MENAFN04082024000045015687ID1108514987
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.