Energy
Venezuela Pitches Oil Contract to Kick Off Talks With Drillers
The Petroleos de Venezuela SA Bajo Grande Refinery at the Paraguana Refinery Complex on Lake Maracaibo in Maracaibo, Zulia state, Venezuela.
Source: BloombergVenezuela’s national oil company has begun circulating a long-awaited proposed contract to energy companies interested in working in the Latin American nation, a key step toward reviving its crude production.
The document reviewed by Bloomberg lays out conditions for Petróleos de Venezuela SA, or PDVSA, to work with companies to restart oil wells, drill new ones and market production. The state-owned company began sharing the model contract late last week with oil executives, advisers and others in the industry.