de Venezuela
de Venezuela


PDVSA and Camimpeg-SPS sign final commercial agreement to reactivate operations in Urdaneta Field

Friday, 05 May 2017

La Cañada de Urdaneta, May 5, 2017.- "There are more than 500 million barrels to be developed at Urdaneta Field and we are going to take it to its maximum production", stated Friday the president of Petróleos de Venezuela, S.A. (PDVSA), Eulogio Del Pino, after the signing of the Services Agreement for the increase of hydrocarbons production, through integral solutions, between the oil industry and the Camimpeg-SPS alliance.

They want to quickly increase production in Lake Maracaibo by more than 30,000 barrels per day, through joint work between the military industry and PDVSA, with a 400 million dollars investment. The signing ceremony was held on the Alí Primera Dock, located in La Cañada de Urdaneta municipality, Zulia state.

Del Pino said an unconventional financial model was being applied, for the first time in lake operations, and through which "we pay upon services rendered, in this case, upon incremental barrel produced”. The model has been implemented in other areas, and will be replicated in other Lake Maracaibo fields.

"It’s a historic alliance, in a historic day, in a historic moment. The Homeland defends its Revolution amid international media attacks. We signed an agreement for productivity, for efficiency, to generate resources that will be allocated to our People. This is why the Nation is being attacked. We exploit it for our People and not for shareholders who are outside the country or who will take those resources to other borders”, said the president of PDVSA.

"I am very proud that we are signing today with the Compañía Anónima Militar de Industrias Mineras, Petrolíferas y Gas, which is associated with a young company such as SPS (Southern Procurement Services). They have all our support”, said Del Pino, while expressing his intention to strengthen alliances between the military industry and the oil industry:" We will make it indestructible”.

PDVSA sealed a new strategic agreement as part of the actions undertaken to boost oil and gas production in Maracaibo Lake, within the framework of the Hydrocarbons Economic Driver.

This action represents an opportunity for increased production through the efficient and strategic drainage of recoverable reserves of hydrocarbons in the reservoirs, with the joint work between the state oil company and the private sector.

The event was also attended by the Executive Vice President of PDVSA Maribel Parra; PDVSA Vice President of Exploration and Production Nelson Ferrer; President of Camimpeg, Major General Alexander Hernández; and the President of SPS Manuel Chinchilla.

Major General Alexander Hernández, president of Camimpeg, stressed that the military industry unconditionally supports PDVSA –victimized in the war that it is waging- proposing comprehensive solutions with state-of-the-art technology to increase oil production.

The alliance between Camimpeg-SPS and PDVSA calls for the development of the Urdaneta Field in Lake Maracaibo, as well as works on Alí Primera Dock. The works include the adequacy for the repair facilities of boats and installations, field optimization, safety reinforcement, and well drilling and recovery.

The Hydrocarbons Economic Driver is one of 15 created by the Bolivarian Government to generate proposals that result in investments, with the aim of revitalizing the portfolio of projects and countering the economic war against Venezuela’s production system.


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