Venezuelan state-owned oil company, PDVSA (their NNPC equivalent), and Veneoranto Petroleum Ltd (a subsidiary created in Venezuela by Nigeria-based Atlas Oranto) signed an agreement to develop two natural gas prospects in the areas of Barracuda, located in territorial waters of the Gulf of Venezuela bordering Colombia, and Boca de Serpiente.
“I am pleased that the investment process for gas production from the Deltana platform has been accelerated…With these investments we will be the fourth natural gas reserve, it is important that investments keep flowing. We are reliable safe partners,” said Venezuelan President Nicolás Maduro, who was present at the signing of the agreement Aug. 8 in Caracas.
Let me use this moment to congratulate Arthur Eze as he takes Atlas Oranto global. It is about time Nigeria creates multinational oil and gas upstream companies. I posit that with all the sanctions against Venezuela, this could be a high margin endeavour.
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