Venezuela opens Oil and Gas treasure trove to BRICS nations

Venezuelan President Nicolas Maduro has announced his readiness to grant oil and gas extraction rights to BRICS countries.

This move aims to fortify Venezuela’s strategic alliances with the influential bloc comprising Brazil, Russia, India, China, and South Africa.

Maduro’s declaration was echoed by Venezuela’s Executive Vice President, Delcy Rodriguez, who underscored the nation’s eagerness to supply energy and mineral resources to BRICS. Rodriguez highlighted Venezuela’s commitment to fostering deeper economic ties and collaborative ventures with these emerging powerhouses.

“Venezuela stands ready to provide its abundant energy and mineral resources to BRICS countries. Our nation, endowed with one of the largest hydrocarbon reserves in the world, offers a wealth of opportunities for sustainable and mutually beneficial partnerships,” Rodriguez stated.

This announcement comes at a time when Venezuela is seeking to bolster its economy and navigate through international sanctions. The prospect of BRICS countries tapping into Venezuela’s vast hydrocarbon reserves could usher in a new era of economic revitalization for the South American nation. Additionally, it could enhance energy security and resource diversification for the BRICS bloc, which collectively represents a significant portion of the world’s population and economic output.

The move is poised to attract substantial investments and technological advancements in Venezuela’s oil and gas sector. It also signals a shift in the global energy landscape, as BRICS nations gain increased access to one of the largest untapped hydrocarbon reserves globally.b