Repsol to invest $4 bn in Venezuela projects

Repsol11 November 2013, News Wires – Spanish giant Repsol is planning to invest $4 billion from now until 2022 in various oil and gas projects in Venezuela, according to state oil company PDVSA.

Under a joint venture, Repsol and PDVSA run mature oilfields in the east and west of the country that produce about 40,000 barrels per day.

Repsol also works with the state giant in an offshore natural gas project and is part of a consortium seeking to tap Venezuela’s vast Orinoco extra heavy crude belt.

According to Reuters, Repsol Venezuela official Cosme Vargas told a conference that the planned investment was expected to boost production to 100,000 bpd by 2022.

– Upstream

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