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PDVSA secures US$1.45bn financing to raise oil production (Venezuela)

Venezuela state-owned oil company PDVSA has signed a total of US$1.45bn in financing agreements with local company DP Delta Finance and with Indian oil group ONGC Videsh Ltd (OVL) to raise production from their joint ventures.



DP Delta Finance, which owns 40% in the its Delta Petroleum joint venture with PDVSA (60%), will provide US$1.13bn in financing to raise the JV production from 40,000 bbl/d to 110,000 bbl/d within five years. In addition, OVL will invest US$318m in the Petrolera Indovenezolana joint venture (60% PDVSA, 40% OVL) to double production to 40,000 bbl/d and to reach an accumulated production of 139 mbl of crude oil over the 2017-2031 period.



In the last two years, PDVSA has secured US$10,708m of financing for its joint ventures: US$4,015m in Petrolera Sinovensa, US$2bn in Petroboscán, US$1,13bn in Petrodelta, US$1bn in Petrozamora, US$1.2bn in Petroquiriquire, US$625m in Petrocabimas, US$420m in Petrowarao and US$318m in Petrolera Indovenezolana.