Brazil’s Batista brothers are deepening a Venezuela oil bet: their Fluxus firm took a 49% stake in a PDVSA joint venture as US sanctions ease.
Energy
Key Facts
—The deal. Fluxus, controlled by Brazil’s Batista brothers, bought A&B Oil and Gas, giving it 49% of Petrolera Roraima, a joint venture with Venezuela’s PDVSA.
—The asset. Roraima was once run by ConocoPhillips; in 2024 Venezuela granted it 25-year production rights. PDVSA holds the other 51%.
—The wave. Reported by Bloomberg on 22 July 2026, it is the third such deal in a week, with more expected before a 28 July deadline.
Empresa compõe, com a estatal venezuelana PDVSA, a joint venture que opera a Petrolera Roraima, presente no Cinturão de Orinoco
A Fluxus Oil, Gas & Energy, empresa privada controlada pelos empresários, comprou a A&B Oil and Gas, que detém participação de…
Spain's Repsol signed a deal to explore a new Venezuelan oil area, deepening a Western race for the world's largest reserves as…
Venezuela's interim government signed reforms ending PDVSA's oil monopoly, capping royalties at 30% and projecting $1.4B in 2026…
BPCL signs agreements to fully acquire Brazil's IBV Petroleo, boosting its oil and gas operations in the region.
Investors bet the action may open opportunities to tap the country's oil wealth.
