Miami. A company created by a Texas oil billionaire announced this Wednesday an agreement with Venezuela’s state oil company to rehabilitate five oil fields, a few days after Joe Biden’s government reactivated sanctions against the South American nation over concerns about equity in next presidential election.
LNG Energy Group is a publicly traded company in Canada that produces natural gas in Colombia. It was created last year as a result of a merger with a company owned by Rod Lewis, a legendary oil prospector whom Forbes magazine called “the only gringo allowed to drill in Mexico.”
As part of the agreement announced on Wednesday, LNG received contracts from the Venezuelan state oil company PDVSA to assume the production and development of two oil fields in eastern Venezuela that currently produce about 3,000 barrels of crude oil per day.
LNG said the agreement was executed within the sanctions suspension framework announced last year by the US government to support an agreement between Venezuelan President Nicolás Maduro and his opponents to hold a competitive presidential election this year. Last week, the Biden administration reimposed sanctions as hopes for a “democratic opening” in Venezuela faded.
However, the White House left open the possibility of companies applying for licenses that exempt them from the restrictions, something that could attract investment to a country that has the largest oil reserves in the world, at a time of growing concerns about the energy supply due to the war in Ukraine.
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– 2024-04-29 19:00:44
