ONGC has agreed to provide $318m in financing to PDVSA to strengthen its crude production at the joint venture Petrolera Indovenezolana.
Indovenezolana was formed in 2008 between PDVSA with 60% stake and ONGC 40% for the crude oil production at the San Cristobal field located in the Junín area of the Hugo Chávez. Orinoco Oil Belt.
Venezuela Oil Minister Eulogio Del Pino said that the financing to assist PDVSA to meet the increase in shipments to India of approximately 300 mbd.
As part of the deal signed with DP Delta Finance, led by the owner of local oil producer Delta Petroleum, the Venezuelan firm will receive $1.13bn in financing to boost output at a joint venture between PDVSA and Delta Petroleum, known as Petrodelta.
The financing is expected to help PDVSA to increase production at Petrodelta in the next five years from to 110,000 barrels per day from current 40,000 barrels per day.
Corporación Venezolana del Petroleo owns 56% stake in Petrodelta while other partners include PDVSA Social with 4% and DP Delta Finance 40%.
Venezuelan President Maduro said: “In the last 16 months, our country has received 10.7 billion dollars in investments to expand oil production by 855,000 barrels thus strengthening the Hydrocarbons Economic Driver.
“We have endured very low prices, with a speculative system that hurts investments in the area. But few countries in the world have Venezuela’s ability to withstand these attacks.”
Image: Venezuela’s PDVSA intends to increase oil production capacity. Photo: courtesy of Rosemary Ratcliff/FreeDigitalPhotos.net.
