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.
Struggled with 'I am not a robot' captchas lately? It's not just you... they're getting harder
What to expect at two sessions in pivotal year
2023 Zhejiang Agricultural Expo showcased about 14,000 types of agricultural products
Hannah Waddingham looks incredible in pink tweed co
China slams U.S.' citing mutual defense treaty to back Philippine provocations in South China Sea
Russia summons German diplomat over leaked tape
DPP authorities tell lies, conceal truth about fatal boat incident: Taiwan Affairs Office
Former Wisconsin college chancellor fired over porn career is fighting to keep his faculty post
Xi greets Sharif on election as Pakistani PM
Car dealership to cut 250 jobs and close 16 sites just months after being taken over by a US firm
TDSL prepares 27 proposals to share at upcoming two sessions