PDVSA Gas and Petrozamora sign production increase agreement

Caracas.- PDVSA Gas, subsidiary of Petróleos de Venezuela, S.A., will provide 31.5 million cubic feet of gas per day (MMCFGPD) to the joint venture Petrozamora, S.A. to meet the demand from portable and mobile steam plants which use it for artificial lift and thus increase crude oil production in Lagunillas and Bachaquero fields in the state of Zulia.

Both parties signed a supply contract which will make possible for Petrozamora to reach the goal of closing 2018 with a production average of 126,400 barrels of crude oil per day (MBD).

Petrozamora, S.A. is a joint venture between Corporación Venezolana del Petróleo (CVP), a PDVSA subsidiary, (60%), and Russia’s Gazprombank (40%).

"This partnership is part of the strategic plans established by President of the Republic, Nicolás Maduro and People’s Minister of Petroleum and President of PDVSA, Manuel Quevedo, for the development of the country through the increase of oil production and the total revival of the industry”, said Vice President of Gas of PDVSA and President of PDVSA Gas, Nemrod Contreras.

He also said that PDVSA Gas will continue to strengthen business partnerships with joint ventures to deepen cooperation and relations, while supporting Venezuela’s development and meeting the strategic objectives of the Bolivarian Government's.