Repsol, PDVSA sign agreement to raise Petroquiriquire production [Yahoo! Finance]
REPSOL SA SP/ADR (REPYY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
PDVSA has a 60% stake in Petroquiriquire and Repsol owns the remaining 40%. This agreement is contingent on certain conditions and aims to secure payment mechanisms and enhance the operational framework for Repsol's activities in Venezuela. Repsol intends to raise its gross oil production in the country by 50% within a year and triple the figure in three years, provided conditions are maintained, using revenue generated in the country, as announced by Repsol CEO Josu Jon Imaz. Currently, the Spanish energy company produces approximately 45,000 barrels per day (bpd) in Venezuela, primarily from the Petroquiriquire operation. Repsol exploration and production executive managing director Francisco Gea said: “This agreement underscores Repsol's commitment to Venezuela, where we have operated without interruption since 1993. “We have the assets and the technical, operational and human capacities on the ground to increase our production in the country.” The latest agreement rei
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