Petroleos de Venezuela, S.A. (PDVSA) and Shell Venezuela signed two agreements at Miraflores Palace. Both companies have stakes in the joint venture Petroregional del Lago, S.A and to boost its production to 344 million barrels from 2017 to 2035, the first agreement provides for an investment of 2.8 billion dollars -400 million dollars on a first phase and 100 million dollars in early 2017. These are heavy crude reservoirs and they will use multilateral drilling technology.
The second agreement aims to reduce gas venting or burning in northern Monagas state.
The Workers’ President Nicol?s Maduro thanked PDVSA and Shell executives for all the work they do for our nation, and called on international companies to work embracing this vision."Venezuela is the country of investment opportunities in oil and gas. We have 15 powerful economic drivers that we are developing with a new strategic vision. We will work together, be good partners and seek out new paths”, he said.