Eni & Repsol In Advanced Discussions to Boost Venezuela Involvement

Venezuela’s PDVSA is in advanced talks with Eni and Repsol to renew oil terms in the country but also with an eye on gas according to Bloomberg sources.

• “In return, the European majors are hoping to secure exports from a key project that has rights to the largest offshore gas field in South America.” Bloomberg reports.
• Venezuela is aiming to boost its production levels, something it is seeking help from international oil companies to support.
• Eni runs five oil ventures in Venezuela, while Repsol operates four.
• Questions over sanctions being reimposed by the US remain over a lack of movement by the Maduro regime to uphold its side of the deal to release political prisoners, US prisoners and reverse bans on political candidates.
• Venezuela has also ratcheted up unease in the region as it tries to take claim to an oil rich part of Guyana.