Petroleos de Venezuela SA (PDVSA) reported signing two agreements with Shell Venezuela at Miraflores Palace in Caracas.
One agreement will boost heavy crude production through 2035 for the joint venture Petroregional del Lago SA. PDVSA cited a $2.8-billion investment and the use of multilateral drilling technology.
The second agreement aims to reduce gas venting or burning in northern Monagas state.
“Venezuela is the country of investment opportunities in oil and gas,” said President Nicolas Maduro.