Venezuelan state oil firm PDVSA and its joint venture partner Maurel & Prom (MAUP.PA) have signed an agreement aimed at increasing crude and gas output in Venezuela's western region, PDVSA's CEO said on Tuesday.
The companies had negotiated the terms of the agreement, which focuses on areas of Venezuela's oldest production region, Lake Maracaibo, before the U.S. in October eased sanctions on the South American country.
The sanctions relief allows Venezuela to freely export oil, gas and fuel, receive payments and attract investors for a six-month period.
PDVSA CEO Pedro Tellechea, who is also Venezuela's oil minister, made the announcement on social media, without providing further details.
Maurel & Prom did not respond immediately to a request for comment outside normal business hours.
Maurel & Prom in 2018 bought a minority stake previously owned by Shell Plc (SHEL.L) in Venezuela's Urdaneta Oeste field at Lake Maracaibo.
The French company told Reuters in early October it had requested an authorization from the U.S. government to move forward with a pact with PDVSA, but declined to elaborate.
