Country’s collapse has contributed to a 32% increase in crude oil prices this year.
U.S. imposed sanctions on 34 PDVSA vessels that have delivered oil to Cuba.
The Andean country recently modified contractual terms for offshore exploration and launched a permanent bidding process in an effort to boost its long-stagnant oil sector.
Operators around the world announced several huge discoveries with a total combined resource of over 13 trillion cubic feet of natural gas and 1 billion barrels of oil.
Gas will be converted to LNG on Mexico’s Pacific Coast for export to Asia.