LNG Energy Group pens deal with PDVSA unit to develop hydrocarbon blocks in Venezuela

April 24 (Reuters) - LNG Energy Group Corp through a subsidiary has entered into a binding agreement with a unit of Venezuelan national oil company Petroleos de Venezuela S.A. (PDVSA) to develop and produce hydrocarbons in the country, the Canadian energy company said on Wednesday.

LNGEG Growth I Corp, a wholly-owned subsidiary of LNG Energy Group, was conditionally awarded two Productive Participation Contracts (CPPs), which cover five onshore fields that are currently producing approximately 3,000 bbl/d of oil.

The agreement was entered into on April 17 for the operation of the Nipa-Nardo-Niebla and the Budare-Elotes CPPs in onshore Venezuela.

LNGEG Growth I Corp will provide the required investment to further develop the fields and will have a contractual entitlement to between 50-56% of the hydrocarbon production from the Venezuela blocks. (Reporting by Roshia Sabu in Bengaluru; Editing by Vijay Kishore)