US energy producer to unveil major Venezuela investment as oil sector opens up

US firms are stepping up interest in Venezuela as Washington backs a $100 billion reconstruction plan and sweeping reforms in the country's energy industry.

A US oil and gas producer is set to announce a major investment in Venezuela, US Energy Secretary Chris Wright said, signalling growing American interest in the country's oil sector following sweeping energy reforms.

Wright told Fox News that the US energy producer would unveil the investment on Wednesday. Oklahoma City-based Continental Resources, founded by billionaire Harold Hamm, is expected to announce a deal at a G20 energy summit in Houston, Bloomberg News reported.

Foreign oil companies are also moving to restructure their joint ventures and production-sharing contracts in Venezuela as part of reforms aimed at reviving the country's energy industry. New entrants, particularly US-based companies, are committing to development projects as Washington supports a $100 billion reconstruction plan for Venezuela's oil sector.

Continental Resources is among several companies that have held discussions with the administration of US President Donald Trump about potential investments in Venezuela. The talks followed the removal of former President Nicolas Maduro from power by US forces in January.

Continental Resources did not immediately respond to a request for comment.

Separately, Florida-based Denarius Holding Group said on Wednesday that it had reached a 20-year agreement to operate an oil project in Venezuela. The company is majority-owned by Turkey's energy firm Can2 Termik.