Japanese oil company Inpex Corp has sold two oil and gas assets in Venezuela to local company Sucre Energy Group, Reuters reported, citing people familiar with the deal. Sucre, specialising in improving Latin America’s mature fields, bought Inpex’s 70% stake in the Gas Guarico natural gas partnership with state-owned PDVSA. It also purchased Inpex’s 30% stake in the Petroguarico oil joint venture. The sources, however, did not disclose the value of the transaction.
Inpex became the latest foreign company to exit crisis-stricken Venezuela. Previously, France’s TotalEnergies and Norway’s Equinor pulled out of Petrocedeno joint venture with PDVSA, citing high carbon intensity. In June, a consortium of Japanese firms, including Inpex, also sold its 5% stake in the Petroindependencia joint venture with PDVSA.
