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Heavy: PDVSA and Enarsa sign agreement to develop Orinoco oil

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PDVSA and Enarsa firm up Orinoco venture

Venezuelan state-run company and Argentina’s Enarsa will jointly develop the Ayacucho 6 Block in the Orinoco oil belt together, media outlets in Venezuela reported today.

Upstream staff  06 March 2008 20:14 GMT

The agreement was signed as a result of a visit by Argentine President Cristina Fernandez to Caracas. In the new association, PDVSA will hold 60% and Enarsa the balance.

Venezuela is signing new agreements with oil producers to develop increase production in the roughly 600,000 barrels per day capacity extra-heavy oil belt. PDVSA has recently signed agreements with Total of France and Italy’s Eni.

Published: 06 March 2008 20:14 GMT  | Last updated: 07 March 2008 09:16 GMT

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