Venezuelan Decree Aims to Boost PDVSA Oil Capacity

Instant Max AI

(Energy Analytics Institute, Piero Stewart, 5.Jun.2018) – Decree No. 3368, dated April 12, 2018, and published in Gazette No. 41376, establishes a special transitional regime aimed at boosting Venezuela’s oil production capacity.

Additionally, resolutions No. 051 and 052, published in Gazette No. 41394, dated May 10, 2018, establish measures aimed at simplifying administration procedures at the state oil entity, Petróleos de Venezuela, S.A., its subsidiaries and joint ventures, announced PDVSA in an official statement.

Important sections of the decree are summarized below:

… Resolution No. 051 establishes actions and measures to effectively contribute to simplify procedures related to acquisition of property, service delivery and execution of works necessary to increase the productive capacity of Corporación Venezolana de Petróleo, S.A. (CVP) and the joint ventures.

… Under Resolution No. 051, PDVSA’s Finance Vice-Presidency is instructed to warranty the financial and budgetary availability for acquisition of property, execution of works, and service delivery, as well as submit an obligatory quarterly report before the governing body, which in turn, shall notify the General Comptroller’s Office.

… Under Resolution No. 052, PDVSA and its subsidiaries are instructed to establish measures and actions that contribute to the administrative simplification for acquisition of property, service delivery and execution of works necessary to increase the productive capacity.

… Finally, the resolution calls for temporary creation of the Special Regime Unity of Public Contracts, with aim to coordinate requirements of areas and businesses belonging to the national oil industry, prioritize contracting processes to contribute to the sustainable increase of the oil production, as well as forward those processes to the various commissions referred in the resolution.

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