The funds will be used for the Petroquiriquire joint venture, where PDVSA has a 60% stake and Repsol the rest.
Annual production at the three fields in the states of Zulia, Trujillo, and Monagas currently averages some 41,600 barrels per day, according to Repsol.
"Today we've achieved, after very long conversations, a financing deal that will allow us to double production," said PDVSA President Eulogio Del Pino after a signing ceremony at the Miraflores presidential palace in the capital Caracas.
