07 January 2026
07 January 2026
The deal seeks to divert Venezuelan crude exports from China to the US, assisting Venezuela in preventing further oil output cuts.
Most American companies left Venezuela years ago, due to a combination of expropriations by the government and US sanctions.
The gas block is situated in the Lower Magdalena Valley and spans around 1,260km² in the department of Córdoba.
The appraisal well found 429ft of net oil pay, with 332ft in the primary reservoir and 97ft in a shallower one.
The newly commissioned unit has a capacity of 3.55mtpa and utilises advanced LC-Max-based residue hydrocracking technology.
The exact financial terms of the Tiber contract have not been revealed, although it is estimated to range between $600m and $800m.
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