Texas oil billionaire Rod Lewis and a company he started, LNG Energy Group have announced a deal to rehabilitate five aging oil fields in Venezuela.
The agreement came just days after the Biden administration reimpose sanctions that had been in place against the country.
The Associated Press reported LNG was awarded contracts by state-run PDVSA to assume control of production and development of two oil fields in eastern Venezuela. LNG explained the agreement met the standards announced last year by the U.S. government in support of an agreement between President Nicolas Maduro and his opponents to hold a competitive presidential election this year.
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