PDVSA and French oil company Maurel & Prom signed agreements to increase oil production – Business News Americas

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Petróleos de Venezuela, SA (PDVSA) and the French hydrocarbons company Maurel & Prom laid the foundations for the creation of a mixed production company. This alliance was signed at the Miraflores Palace, headquarters of the Bolivarian Government.

It is the Petroregional del Lago joint venture, led by PDVSA with 60% of the investment, together with Maurel & Prom, a consortium that holds 40% of the shareholding. The objective of this joint venture is to increase 70 thousand barrels per day to the production of crude oil in Lake Maracaibo. The investment of the French company will be 400 million dollars.

This alliance was endorsed by the Minister of Popular Power of Petroleum and president of PDVSA, Manuel Quevedo, and the general director of Maurel & Prom, Michel Hochard.

During the signing, Quevedo said that “Maurel & Prom enters the Petroregional del Lago joint venture, complying with the instructions of the oil production increase plans instructed by President Maduro.”

Also, added the highest representative of the national oil field that “within our plans, we are inviting foreign capital to continue investing with PDVSA.”

For his part, Hochard said that his team “has a lot of ambition to participate, according to the instructions given by President Maduro and Minister Quevedo, we have a great responsibility, but we live up to the confidence placed.”

Presidential impulse

In the framework of this firm, the President of the Republic, Nicolás Maduro, said: “We held a meeting with a very powerful French oil investment company that has reached a good agreement in oil investment to increase production in the state of Zulia, about what international investments 2019-2025 are. “

The Venezuelan head of state assured that “we have started with force the recovery of the oil industry, the new productive dynamics of the Venezuelan oil industry, New investment frameworks in the oil industry that guarantees all international investors legal, legal security. , institutional so that we can go to investment and oil production in society “.

“Venezuela has several investment fronts with countries such as China, Russia, France, the United States, India, Turkey, Spain, Italy, the United Kingdom, Malaysia, and we are working full time for the productive recovery of PDVSA. countries I am making a special offer to expand its investment portfolio with legal security and stability, “said President Maduro.

The CTV with the special sponsorship of Carlos Ortega, raised the proposal to support the “People of Petroleum” so that in the negotiations the Government would accept to forgive them and reintegrate them.

Chávez denied that possibility categorically since he made several calls for them to return to work and did not want to; so he requested that the culprits of the sabotage be sanctioned. As a result of this situation, the new PDVSA was born.

This PDVSA release was published using an automatic translation system.

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