15 February 2014, Caracas – Venezuelan state oil company PDVSA and Spanish oil firm Repsol on Friday completed a $1.2 billion financing agreement to help boost output at the Petroquiriquire joint venture.
Oil minister Rafael Ramirez and Repsol Chairman Antonio Brufau said in a press conference in Caracas that the deal would increase output to around 65,000 barrels per day (bpd) from some 50,000 bpd.
Petroquiriquire operates three mature oil fields in the east and west of the South American country. Brufau said Venezuelan oil production accounts for about 10 percent of the company’s total output.
Repsol is also working with PDVSA in an offshore natural gas project and is part of a consortium seeking to tap Venezuela’s vast Orinoco extra heavy crude belt. Ramirez said PDVSA in the last year has closed nearly $10 billion in financing deals with foreign oil companies to boost production.