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.

Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Project Coordinator, Pipeline Construction
Expertise: Project Management
Location: Spring, TX
 
Project Manager
Expertise: Project Management
Location: Kennesaw, GA
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours