PdV will remain operator in Repsol, Chevron JVs

Venezuelan state oil firm PdV will remain the operator in a trio of joint ventures (JVs) with Repsol and Chevron, company president Pedro Tellechea told Argus today.

PdV and Repsol signed a new contract governing the Petroquiriquire JV in Monagas state today, formalizing PdV's continued role as operator. Chevron is seeking a 15-year extension for the other two JVs, Boscan and Independiente, in Zulia state.

Operations at Petroquiriquire should ramp up shortly, Tellechea said, adding new reserves and new production. Venezuela has been expanding natural gas production to around 4.5Bcf/d, but more is needed if plans to export to Colombia and Trinidad and Tobago are to become a reality.

PdV is also expanding with new partners, Tellechea said, including Colombia's state oil company Ecopetrol, in what is considered a favorite project of President Gustavo Petro and Venezuelan president Nicolas Maduro. "We have been running some exercises with Ecopetrol, to see what their participation will look like, in gas and oil production," he said. "They are welcome here."

Tellechea said an agreement with Shell and Trinidad and Tobago to export offshore natural gas from Venezuela's Dragon field would be signed "in the next few days."

Since Tellechea took over as president of PdV in January oil and gas production has risen significantly following the loosening of US sanctions.

"It was at 640,000 b/d when we began here, and we are seeing 850,000 b/d now," he said, with peaks of as much as 900,000 b/d, and plans for 1mn b/d next year. "At this point we have come to realize that stabilizing [production] is even more important than increasing it."

Tellechea said the increased production does not change Venezuela's status of being exempt from Opec production quotas.

By Carlos Camacho