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Venezuela and Spain’s Repsol Sign Deal to Renew Oil Terms
Venezuela and Spain’s Repsol SA signed a new contract for a jointly-run oil venture as the Andean nation seeks to ramp up production after the US eased sanctions. Venezuela’s Oil Minister Pedro Tellechea and Repsol’s head for upstream, Francisco Gea, signed an agreement during an event in Caracas Monday that grants the European major more operational and finance controls over their ventures in the oil fields of Petroquiriquire Occidente and Oriente. Repsol is the third oil giant to sign new agreements with Venezuela since Chevron Corp. was granted a special license to resume production there. France’s ... (full story)