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.
Protests at US campuses are pressing colleges to cut financial ties with Israel
FedEx pledges $25 million over 5 years in NIL program for University of Memphis athletes
BP defeated thousands of suits by sick Gulf spill cleanup workers. But not one by a boat captain
She means business! Rita Ora steps out in chic tailored three
Semenyo scores to help Bournemouth beat Wolverhampton 1
Man United player Garnacho apologizes for liking critical posts about Ten Hag
5,000 flee military raids on villages in Myanmar’s Sagaing region — Radio Free Asia
Investigator says Trump, allies were part of Michigan election scheme despite not being charged
Atlanta or Afghanistan? Wild shootout breaks out at gas station with one gunman wielding an AK
A great escape! Family poodle gets trapped underneath kitchen
Italian court drops charges against migrant rescue ship crews and ends long