US energy services firm Baker Hughes said it had signed two strategic agreements to accelerate the revitalization of Venezuela’s energy infrastructure across the natural gas value chain and expansion of the country’s energy production.
In Caracas, the company signed a strategic alliance agreement with PDVSA, Lindsayca, and Fulcrum LNG to revitalize and expand the country’s natural gas infrastructure, according to a Baker Hughes statement on Monday.
Baker Hughes also recently signed a separate Memorandum of Understanding (MoU) with New Stratus Energy to support the development of future oil and gas prospects.
Together, these agreements establish an enterprise deal framework that can connect upstream resource development, midstream infrastructure, gas monetization, and LNG commercialization, Baker Hughes said.
This creates a pathway to unlock Venezuela’s “significant” natural gas potential.
“A central objective of these partnerships is the development of an integrated gas value chain capable of transforming Venezuela’s substantial natural gas resources into reliable domestic supply and future export opportunities, including the potential to export the first LNG molecules produced in Venezuela,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes.
“Venezuela holds tremendous potential to become a significant contributor to the evolving global energy landscape, and these agreements are designed to bring world-class resource opportunities, project development, energy infrastructure & technologies, and financing expertise together to realize this,” he said.