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Venezuela & LNG Energy Group Sign Deal for Oil Fields

OIL

LNG Energy Group and PDVSA signed an agreement for the financing and developing light and medium oil fields in Venezuela, according to a statement from the Canadian company, cited by Bloomberg.

  • The group will provide financing to devlop five fields.
  • The agreement was signed on April 17, before the US revoked license 44 permitting operations and buying of Venezuelan oil.
  • License 44 was replaced by license 44A which prohibits oil and gas deals with PDVSA and extends a wind down period for companies working in Venezuela.
  • Companies wishing to work with PDVSA require a private license.
  • LNG “will assess in the coming days the applicability of License 44A” to the operations, according to Bloomberg.
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