The JV would be owned 50/50; Fifth Ocean would fund more production and potential acquisitions, while a Salamander pilot assesses prospective heavy oil.
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#venezuela / Page 2
President once said Venezuela's oil was the dirtiest in the world. Now he's trying to steal it ...
A number of American companies are well-positioned to benefit from the newly agreed U.S.-Venezuela oil agreement.
It is likely to be years before production meaningfully ramps up, industry experts say, and there are many risks involved.
As part of the deal, the U.S. is creating a private company as a joint venture with North American Blue Energy Partners, owned by Venezuelan businessman Alejandro Betancourt.
Venezuela's interim president gives new US company 100-year rights to more than 17 oil fields.
The U.S.-Venezuela agreement would include a third-party oil operator and incorporate 17 mature or undeveloped oilfields.
Sonja Hutson speaks to Jamie Smyth, Marc Filippino and Kieran Smith ...
Analysts warn agreement may not succeed in attracting investment from US groups and could destabilise country's interim president ...
Analysts warn agreement may not succeed in attracting investment from US companies and could destabilise the interim government ...