MIAMI (AP) — A company started by a Texas billionaire oilman announced a deal Wednesday with Venezuela’s state-owned oil company to rehabilitate five aging oil fields, days after the Biden administration put a brake on sanctions relief over concerns about the fairness of the country’s upcoming presidential election.
LNG Energy Group is a publicly traded company listed 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 Texas wildcatter who Forbes Magazine once called the “only gringo allowed to drill in Mexico.”
As part of the deal announced Wednesday, LNG was awarded contracts by state-run PDVSA to take over production and develop two oil fields in eastern Venezuela that currently produce about 3,000 barrels of crude per day.
LNG said the deal was executed within the framework of sanctions relief announced by the U.S. government last year in support of an agreement between President Nicolas 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 fade.
Related articles:
Related suggestion:
Chinese path to modernization carries global significance (6)Xi: Accelerate upgrading of industriesOswaldo Cabrera homers, Yankees survive late scare, beat Guardians 3Josh Bell homers, Max Meyer fans careerPitt modernized its offense over the winter. The growing pains will be felt for a whileFor Boston Marathon's last 100 years, it all starts in HopkintonIndia's top court refuses to hold appointment of election commissionersPoliceman killed in explosion in NW PakistanXi hails Xiong'an as 'city of future'A glimpse into Suzhou Industrial Park
2.3977s , 6503.5546875 kb
Copyright © 2024 Powered by Billionaire Texas oilman inks deal with Venezuela's state ,Global Glossary news portal