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.
- Murphy Oil and Petrobras to Form Gulf of Mexico JV (Oct 11)
- Offshore Brazil Contract Extension Goes to Transocean (Sep 28)
- Union: Petrobras Plans To Start Reopening Replan Refinery In 48 Hours (Aug 22)
Company: PDVSA more info
- Documents: Venezuela Resumes Domestic Crude Exports To Cuba (Sep 13)
- Documents: Venezuela's PDVSA To Reopen Damaged Port Dock By Month's End (Sep 12)
- Venezuelan Crude Sales To US Fell In August On Port Interruptions (Sep 04)
Company: Repsol more info
- Sources: Spain's Repsol Hires Tanker For Iran's Pars Oil As Sanctions Loom (Jun 19)
- Total Signs Deal to Extend TFT Gas Field License in Algeria (Jun 11)
- Repsol Asks Vietnam For Compensation After Drilling Project Halted (May 04)