Maurel & Prom announces the signature of a series of agreements with PdVSA in Venezuela, with a view to relaunching the activities of Petreoregional del Lago, the joint venture responsible for operating the Urdaneta Oeste field in Lake Maracaibo.

These agreements, made possible by the recent easing of US sanctions against the Venezuelan oil and gas sector, will enable the redevelopment of the assets and provide for the repayment of the debt of its subsidiary M&P Iberoamerica.

The French group points out that the Urdaneta Oeste field, in which it holds a 32% net interest, has a current production potential of around 16,500 b/d (in 100%), with a target of 25,000 b/d by the end of 2024.

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