State oil monopoly Petroleos de Venezuela will host Repsol SA (REPYY, REP.MC) Chairman and Chief Executive Antonio Brufau Thursday to discuss and review accords between the two energy companies.
State oil monopoly Petroleos de Venezuela will host Repsol SA (REPYY,
REP.MC) Chairman and Chief Executive Antonio Brufau Thursday to discuss and
review accords between the two energy companies.
In a statement released Wednesday, PdVSA, as the Venezuelan company is known,
didn't specify what the discussions with Repsol would include. It noted,
however, the state entity is in the process of "reviewing and
advancing" agreements with its Spanish counterpart, as well as
Italy
's Eni
SpA (E, ENI.MI).
Venezuela Oil Minister Rafael Ramirez met with Eni CEO Paolo Scaroni Dec. 21
"to evaluate future opportunities in fuel and gas production," PdVSA
said.
Both Eni and Repsol have maintained close relations with President Hugo
Chavez's government, which has laid out ambitious plans for raising oil and gas
production over the next several years. Critics, however, have raised doubts
over
Venezuela
's
ability to sharply increase output, saying the government underinvests in the
oil industry and instead diverts funds to finance pet social projects.
The European companies signed a contract last year with PdVSA to develop
Venezuela
's
large offshore Perla natural gas field. In August, PdVSA said it expected to
reach its goal of producing 300 million cubic feet of gas daily in the fourth
quarter of 2013.
Eni is also partnered with PdVSA to develop the Junin 5 oil bloc of
Venezuela
's
massive
Orinoco
heavy oil belt. The project, which includes the
construction of upstream and downstream facilities, is seen requiring around
$16 billion in investment in coming years.
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