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Maurel & Prom Move Sign Venezuelan Production Agreement


Venezuela’s PDVSA have signed a crude and gas production agreement aimed at boosting volumes with France’s Maurel & Prom.

  • Agreements had been going on prior to the US relaxing sanctions and were reported by a number of outlets.
  • The French company told Reuters in early October it had requested an authorization from the U.S. government to move forward with a pact with PDVSA. It is thought they were looking for an export license on similar terms to Chevron/Repsol/Eni at the time.
  • The current deal allows free movement of oil and gas volumes for 6 months, assuming Maduro lives up to his side of the bargain for free elections – something currently in jeopardy.
  • The production agreement focuses on the region of Lake Maracaib.

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