TOKYO, Oct 13 (Reuters) – Japan’s Inpex Corp said on Wednesday it pulled out of Venezuela after abandoning the heavy crude joint venture Petroindependencia and two other projects in the oil and gas areas.
Inpex cited a review of the asset portfolio and changing conditions in the country, making it another major oil company to abandon once-promising assets.
Venezuela is home to some of the largest oil reserves in the world but faces a long recession, hyperinflation, and US sanctions on state oil company PDVSA that have sought the removal of President Nicolás Maduro from power.
Inpex and its Japanese partners Mitsubishi Corp and state-owned Japan Oil, Gas and Metal National Corp, sold their 5% stake in Petroindependencia in April, Japan’s largest oil and gas explorer said in a statement.
Inpex’s announcement confirmed the Reuters information in August. The Japanese company declined to say to whom it sold its shares in the projects or other details of the deals.
In September, local company Sucre Energy Group said it bought two Inpex assets.
Inpex closed its Caracas office on August 31, marking its complete departure from the country, a spokesperson added.
(Reporting by Yuka Obayashi. Edited in Spanish by Mayela Armas and Javier Leira)
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