Billionaire Texas oilman inks deal with Venezuela's state-run oil giant as U.S. sanctions loom

A company started by a Texas billionaire oilman has announced a deal with Venezuela’s state-owned oil company to rehabilitate five aging oil fields. Wednesday's announcement comes days after the Biden administration put a brake on sanctions relief for Venezuela amid concerns about the fairness of its upcoming presidential election. As part of the deal, LNG Energy Group was awarded contracts by state-run PDVSA to take over production and develop two oil fields in eastern Venezuela that currently produce about 3,000 barrels of crude per day. LNG Energy Groupp was created last year from a merger with a company owned by Texas oilman Rod Lewis.