{"text":[[{"start":9.2,"text":"One of Donald Trump’s closest backers from the fossil fuels industry said he plans to invest in Venezuela as the US increases its control over the country’s natural resources."}],[{"start":19.2,"text":"US oil magnate Harold Hamm on Wednesday said his company Continental Resources had signed a memorandum of understanding to develop an oilfield in Venezuela’s prolific Orinoco oil belt in partnership with state-owned Petróleos de Venezuela (PDVSA)."}],[{"start":35.36,"text":"“I think this can also be the energy renaissance that is necessary in Venezuela,” Hamm said at the G20 energy ministers summit in Houston. “We see this becoming the key to really turning it around and perhaps, not only get [back to] where production peaked before, but actually extend that further.”"}],[{"start":52.76,"text":"The deal marks the latest contract signed by a western oil producer to launch operations in Venezuela as Washington exerts increasing control over the sector following the US military’s capture of president Nicolás Maduro in January."}],[{"start":66.88,"text":"Hamm has been expanding globally. In August, he told the FT that Continental was spearheading a multibillion-dollar drilling campaign in one of the world’s largest shale basins in Argentina."}],[{"start":77.08,"text":"“As a geologist I realised there’s a lot of resource in the country and so we were interested but we had to go there and dig into it deeply,” Hamm told the FT. “The hydrocarbon law that they passed, that cleared the way for us to look more deeply.”"}],[{"start":91.16,"text":"“We see this, frankly, as another large step in the Americas, if you will, the western Hemisphere, and we think it’s very important . . . as far as energy and what it will mean to the future of the world,” he said."}],[{"start":102.24,"text":"Hamm was a pioneer of the American shale revolution, which catapulted the US to the top of global oil and gas producers. The colourful billionaire has been a frequent adviser to Trump and helped organise a dinner at Mar-a-Lago where the then-presidential candidate asked top oil executives to raise $1bn for his campaign."}],[{"start":119.8,"text":"He has also personally donated to Trump’s 2024 campaign, contributing $4.3mn to Trump-aligned political action committees, according to the Revolving Door Project, a non-governmental organisation tracking political influence in the US."}],[{"start":136.52,"text":"The deal with the shale tycoon comes as other American companies are trying to finalise agreements in Venezuela, which has the largest oil reserves in the world. Washington has pushed for the industry to invest up to $100bn to boost oil and gas development under interim president Delcy Rodríguez."}],[{"start":155.36,"text":"A Venezuelan delegation joined the G20 summit despite the Latin American country not being one of the world’s largest economies, as Washington seeks to give Caracas greater exposure on the global stage."}],[{"start":172,"text":"Venezuela’s vice-president for economy Calixto Ortega Sánchez attended the event along with the country’s hydrocarbons minister Paula Henao."}],[{"start":175.92,"text":"“This is a major agreement for Venezuela,” said Ortega. It “sends a powerful signal of confidence”."}],[{"start":183.08,"text":"Heeney Capital, a New York private capital firm, also announced an investment to develop a Choco gold mine. The contract is for 30 years, with the possibility of extension, it said, adding the annual run rate for production will be up to 200,000 ounces. The mine is separate from the disputed Choco-10 gold mine."}],[{"start":201.88,"text":"“It is one of the most significant gold assets in Venezuela,” Heeney Capital said. The investment will be up to $1bn initially with potential for expansion. The firm has two co-founders, Henry Heeney and Sean Pi."}],[{"start":215.52,"text":"Heeney Capital and Swiss trading house Mercuria in April said they had signed several offtake agreements with Venezuela, with “further opportunities in aluminium, nickel and ferrous products”."}],[{"start":226.4,"text":"Washington is seeking to accelerate investment in the country’s oil sector, though many companies are cautious after losing billions of dollars when Hugo Chávez expropriated assets two decades ago."}],[{"start":237.48,"text":"Venezuela was the third-largest producer in Opec when Chávez took office in 1999 but its production has fallen drastically and its infrastructure is in disrepair."}],[{"start":247.4,"text":"Trump in August said the US struck a deal to gain majority control of more than 65bn barrels of oil in the country."}],[{"start":254.32,"text":"The deal awarded North American Blue Energy Partners, a company controlled by Venezuelan businessman Alejandro Betancourt, control of more than 17 oilfields that it can develop or licence to others."}],[{"start":266.28,"text":"Earlier this month, Chevron said it would double its oil production in the country over the next five years in a $7bn plan. Eni and General Electric also announced deals in the country."}],[{"start":278.32,"text":"Companies with close ties to the Trump administration have been in talks to finalise deals in Venezuela. Primavera, an energy firm co-founded by Coinbase’s former president Fred Ehrsam, also signed an oilfield development agreement recently, while Houston-based oil producer Sable Offshore is in advanced talks to close a deal."}],[{"start":297.72,"text":"Trump appointed Ehrsam in March as an adviser on the president’s science and technology council. A former Trump energy official works as Sable’s vice-president of policy and commercial."}],[{"start":308.72,"text":"This story has been updated to correct the name of the Venezulean official who spoke at the summit."}],[{"start":317.61,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1789616951_8944.mp3"}