Spain’s Repsol will sign an agreement Wednesday to expand the acreage on a joint venture with PDVSA, as a deadline on a US oil sanctions nears, Venezuela’s Oil Minister Pedro Tellechea said in a press conference.
- Venezuela state oil company PDVSA and Repsol negotiated new acreage of 377.17 square kilometers for jointly-run venture Petroquiriquire in the western part of the country
- New acreage enables Respsol to develop more oil
- Expansion approved by the National Assembly Tuesday
- NOTE:
US to Reimpose Venezuela Oil Ban Unless Maduro Acts Quickly
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