sur LNG Energy Group Corp. (CVE:LNGE)
LNG Energy Group Announces Strategic Joint Venture in Venezuela
LNG Energy Group Corp. has announced a binding exclusivity agreement and Letter of Intent to form a 50/50 joint venture with Fifth Ocean Management LP and Westlawn Group for oil and gas projects in Venezuela. The collaboration seeks to explore and develop oil and gas blocks already existing, as well as future assets in the region.
Under the proposed partnership, a new JV Company will be established in the United States. LNG Energy will provide its current Venezuelan oil and gas assets, while Fifth Ocean commits up to US$200 million for the development and possible acquisition of further assets. All agreements are subject to due diligence, regulatory approvals, and customary conditions.
The JV Company also plans a pilot program with Salamander Solutions Inc. to test advanced heating technology, aiming to unlock heavy oil resources in Venezuela.
R. E.
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