Japan’s Special Inx has sold Venezuela’s oil and gas assets to local group sources

View of Inchx Beach Ichthys Project Storage Facility at Industrial Park in Darwin, Australia, April 21, 2017. REUTERS / Tom Westbrook

August 27 (Reuters) – Japan’s oil company Inpex Corporation (1605. T) has sold two Venezuelan oil and gas assets to the Caracas-Sugar Energy Group, according to three people familiar with the deal, as international companies withdraw from the OPEC crisis. .

Sugure, a privately owned exploration and production company focused on developing mature fields in Latin America, acquired EPDP’s 70% stake in the state-of-the-art gas partnership with state-owned oil company PDVSA (PDVSA.UL), as well as a 30% stake. Petrogurico oil joint venture has not yet been announced, according to anonymous sources.

Inxx refrained from commenting. Sucre or PDVSA did not respond to comments. The three men declined to comment on the value of the transaction.

Inpex is the latest in a long line of promising assets in Venezuela, home to some of the world’s largest natural resources. Dictator in Washington.

In recent weeks, French Total Energy (TTEF.PA) and Norwegian Equatorial Fish (EQNR.OL) have announced their joint venture with Petrosenono from PDVV. He went on to point out that the project’s overcrowded crude has a high carbon footprint. Both companies have maintained their presence in Venezuela’s gas fields. Read more

A consortium of Japanese companies, including Inpex, also recently launched a PVSV. Reuters reported in June that it had lost 5% of its joint venture with Petroendepenchenia. Read more

Sugar’s input shows how local companies are widening the gap in the oil sector with the aim of attracting investment in the face of government sanctions and restrictions on the private sector.

Sukre has invested in Ecuador’s oil sector, and In 2018, Royal Dutch (RDSa.L) owns a 40% stake in the Petroro regional del lago, a subsidiary of Paris-based Morrell & Promo (MAUP.PA). Partnership with PDVSA in Western Venezuela.

He said the company was interested in Garico, which produces 50 million cubic feet of natural gas per day, but agreed to buy its stake in Petrogarico and part of the deal.

He said Venezuela’s gas fields could be more attractive to investors than oil-based projects because private companies hold more shares and move fields. Venezuelan law requires PDVSA to do more with oil companies.

Venezuela has huge gas reserves but has limited infrastructure to process and transport it, which means it cannot export to neighbors. Only 10 percent of the population has a gas connection to their home, which means that most of the gas produced is combustible, a major source of carbon emissions.

After a half-decade of economic collapse, Sukere is becoming a major source of gas in Venezuela’s petrochemical, energy and heavy industry sectors, he said. In the long run, Venezuela could emerge as a supplier of gas to neighboring Colombia and Trinidad and Tobago.

Additional Report by Luke Cohen Report in New York

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