Repsol Provides US$1.2 Billion For Venezuelan Joint Venture

Venezuela’s lagging oil industry may have received a much-needed boost from Repsol after accepting a US$1.2 billion credit line for a Petroquiriquire joint venture between Venezuelan state-run Petróleos de Venezuela SA (PDVSA) and Spanish Repsol. Reuters reported that according to Repsol, annual production in the joint venture, which is 60 percent controlled by PDVSA and 40 percent by Repsol, currently averages approximately 41,600 barrels per day (bpd). Repsol further noted that the money will be used for investments at Petroquiriquire during the next five years, including exploration, reactivating wells, and production facilities. More…