PDVSA Signs E&P JVs with Perenco, Lundin, Tecpetrol

Venezuela's state oil firm PDVSA has signed two E&P joint venture agreements under a new plan that gives the state majority control of the operations, PDVSA said in a statement.

The new JVs "are the beginning of a new stage in the history of the national oil industry, one in which PDVSA is recovering full oil sovereignty," PDVSA acting president Eulogio del Pino said.

In one of the joint ventures called Baripetrol, PDVSA ended up with 60%; Argentina's Tecpetrol with 17.5%; Sweden's Lundin with 5%; and France's Perenco with 17.5%. Baripetrol will operate in Zulia state's Colon field, which produces 13,600 barrels a day (b/d).

In the second joint venture, called Petrowarao, PDVSA gets a 60% stake and Perenco the remaining 40%. The JV covers the 4,900b/d Pedernales field in the Orinoco river delta plus the 2,000b/d Ambrosio field in Zulia state.

Venezuela's national assembly has approved another 19 similar JVs, which are due to be signed in the next few weeks. The fields together produce some 500,000b/d, according to PDVSA figures.

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