PDVSA, Repsol Ink Barua-Motatan Oilfield Deal

Venezuela's state oil firm PDVSA and Spanish oil company Repsol YPF (NYSE: REP) have signed a letter of intent to evaluate the Barua-Motatan oilfield that straddles the western Venezuelan states of Zulia and Trujillo.

PDVSA subsidiary CVP and Repsol YPF's Venezuela unit previously signed an MOU to request exploration permits for the field from the energy and oil ministry, PDVSA said in a statement. But Venezuela's national assembly must ultimately clear the operations, which would be carried out by PDVSA-Repsol YPF joint venture Petroquiriquire.

PDVSA has 60% of the JV to Repsol's 40%. When the plan to develop the field was first announced in early 2005, Repsol YPF told BNamericas that its Venezuelan production could jump to 160,000b/d from 100,000b/d, largely on Barua-Motatan output.

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