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Venezuela secures USD 21.2 billion for gas development

State-owned oil company Petróleos de Venezuela (Pdvsa) agreed on oil and gas projects with domestic and foreign companies

The deals will strengthen exploitation at the Orinoco Oil Belt

PDVSA

10 de octubre de 2016 11:47 AM

Actualizado el 10 de octubre de 2016 12:07 PM

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Venezuela secures USD 21.2 billion for gas development 

State-owned oil company Petróleos de Venezuela (Pdvsa) signed agreements to create strategic partnerships with domestic and foreign enterprises for oil and gas development and oil drills at the Orinoco Oil Belt, based on an investment of more than USD 21.20 billion.

Out of this amount, about USD 21.20 billion and USD 8.9 million will be invested with foreign and domestic companies, respectively.

Regarding foreign capital, a total of five joint ventures will be established along with Russian Rosneft to install oil drills at the Orinoco Oil Belt, based on an investment of USD 20 billion.

Rosneft’s project consists of the additional prospecting to start offshore operations and drill 170 barrels of oil per day. This initiative will help include more than 600 million cubic feet of gas per day (Mmcfd) in the domestic market, as well as to foster exports from Dragón Field, north-east Paria Peninsula.

In that connection, Petroleum and Mining Minister Eulogio del Pino highlighted that such agreement would allow cutting the amount of foreign currency for maintenance of oil wells.

Moreover, Pdvsa struck a deal with Spanish Repsol to enter into joint venture Petroquiriquire, with an investment of USD 1.2 billion to produce 60,000 barrels of crude oil per day from wells located in Quiriquire field (north-eastern Monagas state); and Mene Grande, Barúa and Motatán fields west Venezuela.

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