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Venezuela and Spain’s Repsol Sign Deal to Renew Oil Terms

OIL

Venezuela and Repsol signed a contract for a jointly run venture as the former looks to boost its production, according to Bloomberg.

  • The agreement was signed in Caracas Dec. 18 and grants Repsol operational and financial control over the Venture oil fields.
  • Repsol is the third oil major to sign an agreement with Venezuela, following deals by Chevron and France’s M&P.

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