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Story by Reuters

Venezuela’s state oil company PDVSA has offered to buy oil and gas producer Harvest Natural Resources Inc’s stake in the Petrodelta joint venture, a source close to PDVSA said on Tuesday.

Houston-based Harvest has said the OPEC country was blocking a sale of its stake in Petrodelta and that it is facing a cash crunch in part due to the dispute.

“The offer by PDVSA last week was in a fair range to settle the deal taking into consideration today’s oil prices,” said a source close to PDVSA, who declined to comment on the terms of the proposal.