Several independent American oil producers are set to sign production contracts with Venezuela's state-run oil company, Petróleos de Venezuela (PDVSA). 

The agreements will help advance the Trump administration's efforts to boost production in the country whose oil industry was ravaged by decades of socialist policies. 

The companies, Venezuela's oil minister, and the head of exploration for PVSDA were expected to attend a ceremony in Houston on Tuesday evening or Wednesday, Politico reported, citing unnamed sources. 

The White House wasn't expected to be formally involved, but the ceremony follows visits top administration officials made to Caracas in April to secure memorandums of understanding and lay the regulatory framework for formal production deals. 

Under the former communist regime, the country’s oil industry floundered. In May 2021, Venezuela was producing less than 600,000 barrels of oil a day, despite having the world’s largest oil reserves. This past May, it was producing nearly 1.2 million barrels of oil per day.