Energy technology company Baker Hughes has signed two agreements to accelerate the revitalisation of Venezuela’s energy infrastructure across the natural gas value chain and expansion of the country’s energy production.
The agreements, signed with with PDVSA, Lindsayca and Fulcrum LNG, Inc., aims to develop the country’s natural gas infrastructure to encourage the expansion.
“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 realise this.”
The agreements establish an enterprise deal framework that can connect upstream resource development, midstream infrastructure, gas monetisation and LNG commercialisation.
Under the alliance with PDVSA, Lindsayca and Fulcrum, the companies will combine Baker Hughes’ portfolio of industrialised energy solutions for oil and gas field development, gas infrastructure and LNG solutions; Lindsayca’s engineering, procurement, construction and operational capabilities; and Fulcrum’s midstream and LNG project development, financing and market access.
“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,” said Fulcrum LNG CEO Jesus Bronchalo.
“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.”
The collaboration will focus on developing project specific agreements, advancing critical infrastructure required to process, transport, commercialise, and export natural gas.
