Hunt, Crossover sign heavy oil deals in Venezuela

Venezuela

CARACAS, April 30, 2026 – Crossover Energy and Hunt Oil subsidiary Overseas Oil have signed agreements with state-owned Petróleos de Venezuela (PDVSA) to develop production projects in the country’s Orinoco Belt, Venezuela’s Ministry of Hydrocarbons announced on Thursday.

The privately held companies signed MoUs covering projects in Monagas state, with planned investments of up to USD 2 billion targeting oil and natural gas resources. The agreements form part of a broader wave of deals involving companies such as Eni, Repsol, Chevron and BP as Venezuela seeks to boost production following policy shifts and renewed international engagement.

In April 2026, Eni secured a production deal covering the Junín-5 heavy oilfield, also in the Orinoco Belt, estimated to hold reserves of approximately 35 billion barrels of oil in place.

The signing was attended by acting president Delcy Rodriguez and US officials, and comes amid closer co-operation between Venezuela and the US in energy and mining.

Hunt Oil engages in the exploration and production of oil and natural gas in North America, South America and the Middle East. Crossover Energy specialises in oil and natural gas investments in emerging and underdeveloped markets.