David Syed

Dentons assists PDVSA in deal with Repsol to promote Petroquiriquire

Dentons Europe has assisted Petróleos de Venezuela (PDVSA) in a transaction with Repsol Exploración (Repsol) to promote investment in their joint venture Petroquiriquire.

This agreement will increase production in the oil and gas industry in Venezuela and is intended to contribute to the recovery of the national economy. The main objective of the current agreement is to increase oil production to 45,000 bpd and, at the same time, to resolve all outstanding issues between the joint venture partners.

The Petroquiriquire joint venture, owned 60% by PDVSA and 40% by Repsol, includes the Quiriquire, Mene Grande and Barua-Motatán oil fields in Venezuela. Its total production so far this year has been approximately 20,000 barrels per day (bpd) of crude oil and 40 million cubic feet per day of gas.

PDVSA is the national oil company of the Bolivarian Republic of Venezuela and Repsol is an oil company listed on the Madrid Stock Exchange and is present throughout the energy value chain, from oil and gas exploration and production to the commercialisation of energy solutions for the home and mobility, with a presence in 23 countries.

Dentons’ team was led by partner David Syed (pictured), with support from senior counsel Ramu Ramaswamy, associate Doris Torres in Europe, as well as members of the Sovereign Advisory practice in Caracas.

L Giselle Estrada