What is the production capacity of the Venezuelan oil areas in the deal?

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The Venezuelan oil areas in the deal have a current output of 3,000 barrels per day.

LNG Energy Group has signed an agreement with Venezuela's state-owned PDVSA Petroleo to develop and produce oil and gas. This deal, finalised on April 17, encompasses two onshore areas that are currently producing 3,000 barrels per day. The agreement grants LNG Energy Group a contractual entitlement to between 50-56 per cent of the hydrocarbons production from these areas.
Current Production Levels

The two onshore oil areas included in the agreement with PDVSA Petroleo are currently generating a combined output of 3,000 barrels per day. This figure represents the immediate production capacity of the sites at the time the deal was signed.
Contractual Entitlement

Under the terms of the agreement, LNG Energy Group will hold a contractual entitlement to a significant portion of the hydrocarbons extracted. Specifically, the company is set to receive between 50 per cent and 56 per cent of the total production from these Venezuelan oil fields.
Potential Sanctions Impact

The finalisation of this deal occurred under an exemption to US sanctions, which is scheduled to expire soon. The potential reimposition of US oil sanctions on Venezuela, announced last week, could present challenges for the agreement. Oil companies have a deadline of May 31 to comply with these sanctions.
Company's Compliance Stance

LNG Energy Group has stated its intention to thoroughly assess the applicability of the sanctions in the coming days and determine the most appropriate course of action. The company has emphasised its commitment to operating in full compliance with all applicable sanctions regimes.

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What is the production capacity of the Venezuelan oil areas in the deal?

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