Agreement aims to add 20,000 bpd to Petroquiriquire joint venture, lifting production to 60,000 bpd within a year.
Repsol and Venezuela’s state-owned PDVSA signed an agreement to increase oil and gas production at the Petroquiriquire joint venture in northwest Venezuela. The deal targets an additional 20,000 barrels per day of light crude, raising output to approximately 60,000 bpd from the current 40,000 bpd average.
PDVSA holds a 60% stake in the joint venture, while Repsol owns 40%. The companies previously outlined plans in April to expand extraction, with Repsol aiming to triple its gross production in Venezuela within three years. The added output is earmarked for the Paraguana Refining Centre to support economic growth.
Repsol’s current gross oil production in Venezuela stands at around 45,000 bpd, primarily from Petroquiriquire. The agreement includes new exploration opportunities at the asset, according to PDVSA’s president.