Chevron lends $2 bn to Venezuelan joint venture

Caracas, May 29 (IANS/EFE) US supermajor Chevron Corp. will provide $2 billion in financing to its Petroboscan joint venture with Venezuelan state-owned oil giant PDVSA under the terms of a new agreement, officials said.

Venezuelan Oil Minister and PDVSA CEO Rafael Ramirez and Chevron Africa and Latin America president Ali Moshiri signed the agreement Monday in Caracas.

The funds will be used by Petroboscan, which is located in western Venezuela, to increase production from 107,000 barrels per day (bpd) today to 127,000 bpd by 2019, Ramirez said in a press conference.

“We have an agreement that we have been working on for more than a year and it is for $2 billion in financing. It is a model that allows us to use these funds to increase production at our Boscan field,” Ramirez said.

The loan will be disbursed in a series of tranches by San Ramon, California-based Chevron and used “immediately”, Ramirez said.

The Boscan field, where Petroboscan operates, has reserves equivalent to 1.5 billion barrels of crude.

PDVSA’s deal with Chevron follows the signing of agreements earlier this month with the Chinese government and Russian state-owned oil giant Rosneft.

–IANS/EFE

rd

The opinions, beliefs and viewpoints expressed by authors, news service providers on this page do not necessarily reflect the opinions, beliefs and viewpoints of Hill Post. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Hill Post makes no representations as to the accuracy or completeness of any information on this site page.

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.