Dentons counsels PDVSA on investment in Preoregional del Lago

Dentons Europe has counselled Petróleos de Venezuela (PDVSA) in a transaction with Etablissements Maurel & Prom to promote investment in its joint venture company, Petroregional del Lago, which owns the rights to the Urdaneta Oeste oil field in Lake Maracaibo.

Thanks to this transaction, production in the oil and gas industry in Venezuela will be increased and the agreement is intended to contribute to the recovery of the national economy. The main objective is to immediately increase the gross production potential of the Urdaneta Oeste oil field and, at the same time, to resolve all outstanding issues between the joint venture partners.

PDVSA is the national oil company of the Bolivarian Republic of Venezuela, and Maurel & Prom is a Paris-listed oil company engaged in oil and gas drilling and exploration in Nigeria, Gabon, Tanzania, Colombia and Venezuela.

Dentons’ team was led by partner David Syed (pictured), head of Dentons Europe’s Sovereign Advisory practice, together with senior counsel Ramu Ramaswamy, associate Doris Torres in Europe, as well as members of the Sovereign Advisory practice in Caracas.