Shafaqna English– Following the announcement of the reactivation of Venezuela’s oil sector and the signing of fresh exploration and production agreements, Colombian companies that supply oil services and equipment have begun moving into the country. A trade group representative confirmed this development on Monday(31 Aug 2026), noting that the new contracts are driving cross-border business activity.
This development coincides with President Donald Trump’s announcement that the United States has acquired majority ownership of approximately 65 billion barrels of Venezuela’s certified oil reserves through a collaboration with private sector partners. According to interim President Delcy Rodríguez, this agreement is projected to generate $209 billion in tax revenues for the Venezuelan government.
Source: Reuters