PDVSA Inks 7 New E&P Deals for 60% Control

Venezuelan state oil firm PDVSA's subsidiary CVP has signed seven E&P joint ventures, CVP said in two statements.

CVP signed two JVs with UK oil major BP (NYSE: BP) called Boqueron and Petroperija; three with Brazil's federal energy company Petrobras (NYSE: PBR) called Petroven-Bras, Petroritupano and Petrokarina; one with Spain's Repsol YPF (NYSE: REP) called Petroquiriquire; and one with Argentina's CGC called Petronado.

CVP holds 60% of the JVs.

Boqueron produces 7,500 barrels a day (b/d); Petroperija 12,000b/d; Petroven-Bras 2,000b/d; Petroritupano 45,000b/d; Petrokarina 2,800b/d; Petroquiriquire 30,500b/d; and Petronado 4,500b/d.

Venezuela's national assembly has approved the JV deals in accordance with the 2004 hydrocarbons law, which states PDVSA must have at least 51% in every oil E&P project in Venezuela.

The new joint ventures substitute the old operating agreements between PDVSA and foreign oil companies, which the state company deemed too expensive.

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