US Investors Form Venture to Pursue Oil and Gas Projects in Venezuela

U.S.-based Gramercy Funds Management and Atmos Global Energy said their JV would work with an arm of Inelectra Group, which holds a stake in the Gulf of Paria East oil project off Venezuela’s eastern coast.

Reuters

Two U.S. investment funds on July 5 said they formed a joint venture (JV) with a Venezuelan firm to pursue oil and gas exploration and production projects in the U.S.-sanctioned South American country.

Gramercy Funds Management and Atmos Global Energy said their JV would work with an arm of Inelectra Group, a Caracas-based firm that holds a stake in the Gulf of Paria East oil project off Venezuela’s eastern coast, where it found oil in 2001.

U.S. companies are barred from doing business with Venezuelan state-run oil firm PDVSA, a policy begun in 2018 by the Trump administration and continued under U.S. President Joe Biden.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access