March 30 (Reuters) - Oil and gas producer Harvest Natural Resources Inc said it was facing a severe cash crunch and would consider restructuring if it failed to obtain sufficient funding.
Harvest said the Venezuelan government’s decision to withhold the sale of the company’s assets in the country, the failure to pay dividends and other contractual breaches resulted in liquidity constraints.
The company’s fourth-quarter net loss widened to $179.7 million, mainly due to the write-down of its investment in Petrodelta, its joint venture with state-owned Petroleos de Venezuela SA.
Harvest has tried twice to sell its interests in Venezuela. In 2013, a deal with Indonesian oil company Pertamina was rejected by the Venezuelan government and a similar sale attempt to a unit of Argentina’s Pluspetrol was also unsuccessful. (Reporting By Manya Venkatesh in Bengaluru; Editing by Saumyadeb Chakrabarty)