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Saturday, 22 November, 2008, 00:40 GMT | more >>

PDVSA and Repsol seal exploration deal



By Upstream staff 

Venezuelan state oil company PDVSA said it had signed an agreement with Spain's Repsol to jointly explore the Barua Motatan oilfield that could yield up to 40,000 barrels per day.

The agreement calls for the field to be developed by Petroquiriquire, an existing joint venture 60% owned by PDVSA and 40% owned by Repsol.

Venezuela's Congress will have to approve Repsol's participation in Barua Motatan, located in the western states of Trujillo and Zulia, a Reuters report said.

Repsol is a minority partner with PDVSA in the Menegrande and Quiriquire fields and is currently certifying reserves in Block Junin 7 of the Orinoco extra heavy oil belt.


Monday, 28 May, 2007, 02:28 GMT  | last updated: Monday, 28 May, 2007, 02:36 GMT

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