(PDVSA, 5.Dec.2016) – PDVSA and Shell Venezuela signed two agreements at Miraflores Palace.
Both companies have stakes in the joint venture Petroregional del Lago, S.A. and plans to boost its production to 344 million barrels from 2017 to 2035, the first agreement provides for an investment of $2.8 billion ($400 million on a first phase and $100 million in early 2017). These are heavy crude reservoirs and they will use multilateral drilling technology.
The second agreement aims to reduce gas venting or burning in northern Monagas state.
Venezuela’s President Nicolás Maduro thanked PDVSA and Shell executives for all the work they do for the nation, and called on international companies to work embracing this vision.
“Venezuela is the country of investment opportunities in oil and gas. We have 15 powerful economic drivers that we are developing with a new strategic vision. We will work together, be good partners and seek out new paths”, Maduro said.
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