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PDVSA And Repsol SA Discuss $1.2 Billion Funding For Venezuela Venture-Reuters

Wednesday, 16 Oct 2013 06:03pm EDT 

Reuters reported that Repsol SA PDVSA and Repsol SA are discussing a $1.2 billion financing deal for a joint venture in Venezuela, a top government official said on October 16, 2013. 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. 

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