Petróleos de Venezuela, S.A. (PDVSA) and Spain’s Repsol ratified their commitment to strengthen strategic alliances to boost crude oil production in the joint venture Petroquiriquire and the Perla gas offshore field (Cardón IV block, Rafael Urdaneta project), in a meeting held at the Ministry of Petroleum-PDVSA complex in La Campiña, Caracas.

President of PDVSA, Nelson Martínez, said Repsol is an important ally for the production of liquid hydrocarbons, as they have a significant investment level in Venezuela.

Repsol, through its partner Ente Nazionale Idrocarburi (ENI), has made investments offshore, specifically in Perla field, said Martinez. "It is currently on the order of 480 million cubic feet per day. Today we have reviewed the entire additional process we are going to execute in order to increase production to 800 million cubic feet and meet demand in nearby markets such as Colombia and Aruba”, he said.

At the meeting, they also discussed growth plans and new investments in the joint venture Petroquiriquire, Monagas state, among other issues. "We have an important agenda of joint work for the coming years to take advantage of the potential to generate direct benefits”, said Martínez.

He also informed that they addressed various aspects related to the payment mechanisms. "It's a win-win relationship with increased production. Repsol is a front-line partner with whom we are willing to deepen these relationships together. Count on us as a key ally in all Latin American operations”, he said.

Executive Director of Repsol, Josu Jon Imaz, described the meeting as very rewarding and beneficial. "Over the recent months, at Petroquiriquire, the work we are doing together is showing that natural geological decline is being reversed and production is starting to increase. We’ll keep working along this line so that it can continue to increase”, he said.

For him, the increase of gas production in the last two years at Cardón block -shared with Italy’s ENI- is significant. "This resource is becoming important to supply electricity in the country and to substitute imports from third countries. We’ll continue the efforts to improve operations so that in the coming times we can develop gas production”, he said.

PDVSA and Repsol are betting on the strengthening of Venezuela's energy production capacity and its influence in the region.

About PDVSA

Petróleos de Venezuela S.A., the state-owned corporation of the Bolivarian Republic of Venezuela, is responsible for the efficient, profitable, and dependable exploration, production, refining, transport and commerce of hydrocarbons. This company is deeply committed to environmental protection and its main objectives are to foster the harmonic development of the country, to guarantee sovereignty of national resources, to increase endogenous development and to serve and benefit the Venezuelan people, who correspond to their share of the country’s national wealth.

About Repsol

Repsol is an integrated global energy company with vast sector experience. It carries out Upstream and Downstream activities throughout the entire world.