Baker Hughes, an energy technology company, has announced the signing of two strategic agreements to accelerate the revitalisation 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, Inc. to revitalise and expand the country’s natural gas infrastructure. Baker Hughes also recently signed a separate memorandum of understanding (MOU) with New Stratus Energy Inc. 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 monetisation, and LNG commercialisation. 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 and technologies, and financing expertise together to realise this.”
“This strategic alliance with PDVSA is a historic opportunity to maximise the use and value of Venezuela's natural gas resources, and it reflects the capabilities and expertise of Fulcrum, Lindsayca, and Baker Hughes in developing fully integrated gas value chains, from upstream production to end markets,” added Jesus Bronchalo, CEO of Fulcrum LNG, Inc.
“In the near term, we will work closely with PDVSA to identify and execute the infrastructure developments and upgrades needed to meet its internal gas requirements, while pursuing opportunities to supply natural gas to the domestic market to support reliable power generation for Venezuela and its people. Over the medium and long term, we will evaluate the development and financing of new open-access midstream and LNG infrastructure that gives PDVSA and other upstream operators solutions to monetise their gas, positioning Venezuela to become a key player in the global gas and LNG industry and helping meet growing world energy demand,” Bronchalo concluded.