Israel’s NewMed Energy is negotiating to acquire a 60% stake in a company holding producing oil assets in Venezuela, as it looks to expand beyond East Mediterranean gas focused portfolio.
The Leviathan field partner (45.34%) said on 10 November that it had signed an exclusivity agreement with shareholders in an unidentified company holding rights to an onshore Venezuelan oilfield with several producing wells. The proposed transaction could also include other onshore and offshore oil and gas assets acquired by or awarded to the target company before completion. (CONTINUED - 212 WORDS)