{"id":10525,"date":"2024-04-25T10:36:04","date_gmt":"2024-04-25T10:36:04","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10525"},"modified":"2024-04-25T10:36:04","modified_gmt":"2024-04-25T10:36:04","slug":"canadas-lng-energy-signs-venezuela-oil-contract","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10525\/","title":{"rendered":"Canada’s LNG Energy Signs Venezuela Oil Contract"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Canada-based LNG Energy Group announced on Wednesday it had signed an agreement with Venezuela\u2019s state-owned PDVSA Petroleo, though the renewal of US oil sanctions could potentially pose problems.<\/p>\n

The company\u2019s statement said the deal to develop and produce oil and gas in Venezuela was closed on April 17 and involves two onshore areas with a current output of 3,000 barrels per day.<\/p>\n

Under the agreement, LNG “will have a contractual entitlement to between 50-56 per cent of the hydrocarbons production,\u201d the statement said.<\/p>\n

However, the deal was finalised under an exemption to US sanctions that is set to expire in the coming weeks.<\/p>\n

LNG said it will “assess in the coming days the applicability\u201d of the sanctions and “determine the most appropriate course of action.\u201d<\/p>\n

“The company intends to operate in full compliance with the applicable sanctions regimes,\u201d it added.<\/p>\n

The United States announced its decision to reimpose sanctions on Venezuela last week, citing repression by President Nicolas Maduro\u2019s government of opponents ahead of July elections.<\/p>\n

Oil companies have been given until May 31 to comply with the sanctions.<\/p>\n

Experts say the sanctions regime may still allow companies wishing to work with Venezuela to request special permits, such as those granted to US oil giant Chevron.<\/p>\n

Venezuela has the largest proven oil reserves in the world, but production has plummeted after years of mismanagement and crushing sanctions.<\/p>\n

Updated on