CARACAS Oct 16 State oil company PDVSA and
Spain's Repsol are discussing a $1.2 billion financing
deal for a joint venture in Venezuela, a top government official
said on Wednesday.
The announcement was made by Petroleum Minister Rafael
Ramirez during a visit to Caracas by Repsol boss Antonio Brufau.
The funds would go to the Petroquiriquire joint venture, which
runs mature oil fields in the east and west of the South
American OPEC member country.
Ramirez said the financing was aimed at increasing the joint
venture's output by 75,000 barrels per day (bpd), from a total
of about 40,000 bpd currently produced at its three fields.
If signed, the new deal would add to about $10 billion in
loans that PDVSA has agreed this year, including with Chevron
and Schlumberger of the United States and
China's CNPC, as it seeks to boost stagnant national oil output
of some 3 million bpd.
Repsol is working with PDVSA in an offshore natural gas
project and is a key part of a consortium seeking to tap
Venezuela's vast Orinoco extra heavy crude belt.
Separately, the minister said he would also be discussing
financing with visiting executives from Italy's ENI in
November for their joint ventures.