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.
Queen Letizia of Spain shines in a smart tweed dress as she joins King Felipe in Madrid
UK lawmakers will vote on a landmark bill aiming to create the country's first smoke
Chinese tourists flock to savor trendy immersive experiences
UK lawmakers will vote on a landmark bill aiming to create the country's first smoke
Los Angeles marches mark Armenian Genocide Remembrance Day
Biden administration announces new partnership with 50 countries to stifle future pandemics
Dallas TikTok star Camryn Herriage speaks for the first time after hit
Game on for tourism bureaus across China after Harbin travel frenzy
Tennessee lawmakers join movement allowing some teachers to take guns into schools
Singapore's outgoing prime minister will stay on as senior minister, his successor says
Veteran DEA agent sentenced to 4 years for leaking intelligence in Miami bribery conspiracy
Beijing confirms recovering tourism during New Year holiday