LNG Energy Group pens deal with PDVSA unit to develop hydrocarbon blocks in Venezuela

LNG ENERGY

24/04/2024 13:18

April 24 (Reuters) - LNG Energy Group Corp  LNGE.V 
through a subsidiary has entered into a binding agreement with a
unit of Venezuelan national oil company Petroleos de Venezuela
S.A. (PDVSA) to develop and produce hydrocarbons in the country,
the Canadian energy company said on Wednesday.
    LNGEG Growth I Corp, a wholly-owned subsidiary of LNG Energy
Group, was conditionally awarded two Productive Participation
Contracts (CPPs), which cover five onshore fields that are
currently producing approximately 3,000 bbl/d of oil.
    The agreement was entered into on April 17 for the operation
of the Nipa-Nardo-Niebla and the Budare-Elotes CPPs in onshore
Venezuela. 
    LNGEG Growth I Corp will provide the required investment to
further develop the fields and will have a contractual
entitlement to between 50-56% of the hydrocarbon production from
the Venezuela blocks.

 (Reporting by Roshia Sabu in Bengaluru; Editing by Vijay
Kishore)
 ((Roshia.Sabu@thomsonreuters.com;))