A fledgling U.S. company set up last year will help Venezuela turn around its falling oil production that has led to the country’s oil exports falling to the lowest in almost 30 years, Bloomberg reports , citing contractual documents. According to the documents, Erepla Services LLC will provide the drilling rigs and crews necessary to increase crude oil production at the Tia Juana, Rosa Mediano, and Ayacucho 5 fields over a period of 25 years. In exchange, the U.S. company will buy all the oil produced at these fields and resell it, giving Venezuela’s PDVSA 50.1 percent of the proceeds and keeping 49.9 percent. “The agreement gives U.S.-based Erepla enhanced managerial participation and an innovative payment structure designed to avoid the shortfalls that have plagued previous projects,” an Erepla principal said in a statement, adding that without any U.S. companies taking aprt in Venezuela’s exploitation of crude oil resource […]