Billionaire Texas oilman inks deal with Venezuela's state
Time:2024-04-25 14:16:41 Source:opinionsViews(143)
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.
Previous:America's best public high school is revealed, as judges of prestige survey hail students' college
Next:Olympic tennis champion Belinda Bencic announces the birth of her daughter
You may also like
- Grant Shapps swerves questions on whether Britain could follow the US by banning Chinese
- Thousands protest in Niger demanding withdrawal of U.S. troops
- Wang: China willing to work for global peace and security
- Relaunch of controversial program may send 'shock waves of fear' in U.S.
- Missouri House backs legal shield for weedkiller maker facing thousands of cancer
- Bare mountains turn green again through ecological restoration in SW China's Sichuan
- 2024 Two Oceans Marathon held in Cape Town
- High heat harms cocoa production in Cote d'Ivoire
- Atalanta beats 10