PDVSA signs deals to fund production hikes

State-owned Petroleo de Venezuela SA (PDVSA) has entered financial agreements with joint venture partners that it says will boost oil production in two areas.

PDVSA and ONGC Videsh of India signed agreements related to their Indovenezolana SA venture focused on redevelopment of San Cristobal oil field in the Orinoco Belt (OGJ Online, Apr. 11, 2008).

The agreements include a loan of as much as $318 million by ONGC Videsh to PDVSA and provide a mechanism for payment of dividends due ONGC Videsh. PDVSA owns 60% of Indovenezolana, ONGC Videsh the remainder.

The Indian company said a San Cristobal “remediation plan” calls for a production increase to 27,000 b/d from 18,000 b/d via waterflood.

Separately, PDVSA entered an agreement with DP Delta Finance BV to raise production by the Petrodelta SA joint venture to 110,000 b/d from 40,000 b/d in 5 years.

Petrodelta is a joint venture of Corporacion Venezolana del Petroleo SA, PDVSA, and Delta DP Finance, a private company that recently acquired interests formerly held by affiliates of Harvest Natural Resources Inc. (OGJ Online, June 30, 2016).

Petrodelta operates six fields in eastern Venezuela.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...

A Traders Guide to Analysis and Research

An e-book dedicated to helping you improve your analysis by looking at RBOB futures performance. ...