After the signing of agreements between Petróleos de Venezuela (Pdvsa) and the French company Maurel & Prom this Wednesday, oil production in Petroregional del Lago (Prdl), a mixed company responsible for the exploitation of the Urdaneta Oeste field, located in Lake Maracaibo del Zulia state, will increase in the “short or medium term” to 60.000 barrels of oil per day (bpd).
In a message issued through the social network account
📢The French oil company Maurel & Prom will resume its activities in Venezuela due to the relaxation of US sanctions in October, as announced by the group and the president of the state-owned Petróleos de Venezuela (Pdvsa), Pedro Rafael Tellechea. pic.twitter.com/9zoHn3KmEF
- Public Information Service (@infopublicave) November 9, 2023
“A France-Venezuela union is very important for the development of Lake Maracaibo, these agreements will lead us to increased production,” he stated through a video.
M&P Iberoamérica owns a 40% stake in Prdl along with 60% of Pdvsa, giving the French company a 32% net stake in the Urdaneta Oeste field for several years.
In this sense, Oliver de Lagavant, president of Maurel & Prom Iberoamérica, thanked the Venezuelan authorities and PDVSA for the trust placed in participating again in this joint venture after 5 years of absence.
“It is an extraordinary step,” emphasized De Lagavant, who stated that he was aware of the responsibility they will have with all the workers of the mixed company.
New agreements. Minister Tellechea also announced that an energy agreement could soon be signed north of Monagas, between the country's main oil industry and three other European companies.
One of them would be M&P itself, which would be participating along with the Italian Eni and the Spanish Repsol, companies that are doing business in the country after the partial lifting of sanctions that occurred in October.
