April 26, 2024 – Dentons Europe LLP has advised Petróleos de Venezuela S.A. (PDVSA) on a transaction with Repsol Exploración, S.A. with regard to the expansion of Repsol’s oil production activities to the La Ceiba and Tomoporro oil fields. This transaction, valued at approximately $1.7 billion, seeks to bolster production in Venezuela's oil and gas sector, with the goal of aiding in the nation's economic recovery.
PDVSA is the national oil company of the Bolivarian Republic of Venezuela and Repsol is a Madrid-listed oil company present throughout the energy value chain, from oil and gas exploration and production to the commercialisation of energy solutions for the home and mobility, with a presence in 23 countries.
Partner David Syed, Head of the Sovereign Advisory practice at Dentons Europe LLP, led the legal team advising PDVSA on the deal alongside Senior Counsel Ramu Ramaswamy in Europe, as well as members of the Sovereign Advisory practice in Caracas.