These agreements are part of the results obtained within the Hydrocarbons Economic Driver of the Bolivarian Economic Agenda.
President Maduro, accompanied by People's Minister of Petroleum and President of Petroleos de Venezuela, S.A. (PDVSA) Eulogio Del Pino, announced a financing agreement for the joint venture Petroquiriquire, S.A. by Spain’s Repsol. It provides for the investment of 1.2 billion dollars to increase production to 60,000 barrels per day.
"This signing ceremony reaffirms the Bolivarian Economic Agenda, which has allowed us to define the specific potential of our country. I appreciate the participation of domestic entrepreneurs. There is only one way and that is investing to consolidate the development of the nation. The economic plan is very clear and there are investment opportunities available in all areas”, he said.
The president also said that the joint venture Petroquiriquire will focus on production areas in eastern and western Venezuela, and it will contribute to the economic recovery of the nation together with the development of the Hugo Chavez Orinoco Oil Belt, the largest oil reservoir in the world.
"We have signed a series of extremely important agreements, at a time where we are facing a temporary situation in the oil market. We view with great optimism the agreements we have reached with OPEC and non-OPEC producing countries. We should set the prices ourselves. It is we who should set prices as we have the energy resource and assume the investment risks. It should not be the capital speculators who impose prices, with geopolitical interests that have affected international production”, said Minister Del Pino, who also highlighted the participation of domestic and international companies in the Hydrocarbons Economic Driver.
PDVSA and Rosneft signed an agreement to invest in five joint ventures that currently produce 170,000 barrels of crude in the Hugo Chavez Orinoco Oil Belt. "With Rosneft we also reviewed some cooperation agreements for offshore operations in the Mejillones and Patao fields in the Mariscal Sucre Project area. There are two additional fields that allow us to add more than 600 million cubic feet of gas per day to the domestic market, and promote exports from the Dragon field located northeast of the Paria Peninsula", he said. He also announced the creation of the joint venture Perforosven to develop well drilling projects.
National productive sector
President Maduro also welcomed the signing of agreements with domestic companies to strengthen the country's productive sector, move forward towards technological sovereignty and promote exports.
PDVSA and Venezuela’s Servicios Alex signed an agreement to create a mixed capital company which will execute a line of services specialized in well logs.
The sovereign management of information and knowledge is ensured with the signing of this agreement. Also, operating costs and expenditures are reduced in the order of 7.2 million dollars.
Methane gas distribution
The subsidiary PDVSA Gas and Domegas signed a business alliance for the distribution of methane gas for residential and commercial use in the Greater Caracas area and in other parts of the country to maximize its use as an energy resource, increase safety ratings among the population and optimize the notification system in order to increase revenue from service delivery.
This agreement will optimize the operation of Zulia state’s distribution networks, to recover about 50 million cubic feet per day of methane gas, which may be earmarked for the export market. It will represent revenues for the nation of about 194 million dollars.
With the involvement of Domegas 16,000 new users will be added to the methane gas distribution system of Greater Caracas, and 12,500 barrels per month of liquefied petroleum gas (LPG) will be taken from Caracas to other markets.
Domestic gas regulators
To increase the production of "Anagas" model domestic gas regulators, an alliance was formed between PDVSA and Empresa Nacional Parafluidos, C.A., located in Carabobo state to manufacture 15,500 units. This will help with imports substitution, save abou1.7 million dollars and promote exports to the Caribbean market.
These regulators will contribute to the National Gasification Plan, aligned to the Great Mission Housing Venezuela and Barrio Nuevo Barrio Tricolor. Also, they will keep at an optimum level the operations of domestic distribution networks.
Reactivation of industries
The strategic alliance between PDVSA and the company Instrumentacion, Electricidad y Sistema, C.A. (Inelecsis), based in Anaco, Anzoategui state, aims to design, manufacture, maintain and repair chemical injection pumps, and other equipment required by the oil industry.
This relationship is part of the revival of the industrial sector and the boost to new domestic companies, foreign currency savings and increase of non-traditional exports for the benefit of the Nation.
