08:45 AM EDT, 04/24/2024 (MT Newswires) -- LNG Energy Group ( LNGNF ) , which gained nearly 15% yesterday, on Wednesday said one of its subsidiaries.signed a binding agreement with PDVSA Petroleo S.A., a unit of Petroleos de Venezuela S.A. (PDVSA), the Venezuelan national oil company, for the operation of the Nipa-Nardo-Niebla and the Budare-Elotes CPPs in onshore Venezuela.

According to the BP 2023 Statistical Review, Venezuela has oil reserves of more than 300 billion bbl, the largest in-country oil reserves in the world, and by a wide margin the longest reserve life.

BP also estimates Venezuela has natural gas reserves of more than 200 trillion cubic feet, ranking number nine in the world.

The Venezuela Blocks are located onshore in the Anzoategui and Monagas States and are producing approximately 3,000 bbl/d of light and medium oil. LNG Venezuela will work jointly with PPSA to develop a work program based on technical due diligence and field visits.