Venezuela promotes the restart of oil and gas cooperation and begins distributing model contract documents

Golden Ten Data reported on May 15 that the Venezuelan state oil company has begun distributing proposed contracts to energy companies interested in doing business in Venezuela, marking a key step in restoring the country's crude oil production. Industry insiders indicated that this model contract may represent the most open stance ever taken by the Venezuelan state oil company (PDVSA). As lawyers and consultants carefully review the 90-page document, reactions from the industry suggest that converting the agreement into operational contracts may take longer than expected.