Venezuela’s PDVSA have signed a crude and gas production agreement aimed at boosting volumes with France’s Maurel & Prom.

• Agreements had been going on prior to the US relaxing sanctions and were reported by a number of outlets.
• The French company told Reuters in early October it had requested an authorization from the U.S. government to move forward with a pact with PDVSA. It is thought they were looking for an export license on similar terms to Chevron/Repsol/Eni at the time.
• The current deal allows free movement of oil and gas volumes for 6 months, assuming Maduro lives up to his side of the bargain for free elections – something currently in jeopardy.
• The production agreement focuses on the region of Lake Maracaib.