Minister Quevedo reviews joint projects with PDVSA strategic partners

Caracas.- Over two days, People’s Minister of Petroleum and President of Petróleos de Venezuela, S.A. (PDVSA), Manuel Quevedo, reviewed joint projects with PDVSA strategic partners at La Campiña PDVSA headquarters in Caracas.

Last Saturday, he had a meeting with all the companies and then over two days, he met individually with each company in order to assess the business relationship and progress made to date. He met with Spain’s Repsol, Russia’s Rosneft, China’s China National Petroleum Corporation (CNPC), Italy’s ENI, Norway’s Statoil, France’s Total, USA’s Chevron, and Venezuela’s Suelopetrol.

These meetings are consistent with Quevedo’s actions aimed at increasing oil production, following instructions of President of the Bolivarian Republic of Venezuela, Nicolás Maduro.

During the meetings, national and international companies expressed their commitment to continue working in Venezuela together with PDVSA.

Joint ventures shareholding

In 2007, with the realization of Commander Hugo Chavez’s Full Oil Sovereignty policy, Venezuela conducted the nationalization of the Orinoco Oil Belt (FPO). The result was a majority stake of the Venezuelan state in joint ventures, as well as the fair collection of royalties for oil and gas exploitation.

PDVSA has formed two oil joint ventures with Repsol: Petroquiriquire, S.A., and Petrocarabobo, S.A. Repsol also develops an offshore gas license in Falcón state’s Cardón IV block, shared with Italian company ENI, among other projects.

PDVSA has formed three joint ventures with ENI: Petrojunín, S.A., Petrobicentenario, S.A. and Petrolera Guiria, S.A.

With Rosneft, PDVSA has formed five joint ventures: Petromonagas, S.A., Petromiranda, .S.A, Boquerón, S.A., Petroperijá S.A., and Petrovictoria. There are four with CNPC: Petrolera Sinovensa, S.A., Petrozumano, S.A, Petrourica, S.A., and Petrolera Sino Venezolana, S.A.

PDVSA, together with state oil companies Total and Statoil, formed joint venture Petrocedeño, S.A. With Chevron, there are four: Petroindependencia, S.A., Petroindependiente, S.A., Petropiar, S.A., and Petroboscán, S.A.

PDVSA also formed two joint ventures with Venezuelan consortium Suelopetrol: Petroindependencia, S.A., and Petrocabimas, S.A.