Venezuela's PDVSA offers expanded oil areas to joint venture partners, sources say

Venezuela's state-run oil company ​PDVSA is in ‌talks with ​many of its joint-venture partners to offer them expansions to the oilfields their projects have ‌assigned, three sources with knowledge of the matter said, a move that could contribute to increased crude and gas output and exports. Venezuela's National ‌Assembly in late January approved a sweeping reform of the ‌country's main oil law granting foreign oil companies autonomy to operate, export and cash sale proceeds even if they remain as minority partners in joint ventures ⁠with PDVSA.

Venezuela's state-run oil company ​PDVSA is in ‌talks with ​many of its joint-venture partners to offer them expansions to the oilfields their projects have ‌assigned, three sources with knowledge of the matter said, a move that could contribute to increased crude and gas output and exports.

Venezuela's National ‌Assembly in late January approved a sweeping reform of the ‌country's main oil law granting foreign oil companies autonomy to operate, export and cash sale proceeds even if they remain as minority partners in joint ventures ⁠with PDVSA. The ​reform gave ⁠Venezuela's oil ministry, PDVSA and its business partners six months to renegotiate their joint projects' ⁠terms, which has accelerated talks for the area expansions, two of the ​sources said.

Most areas on offer are near the oilfields ⁠PDVSA's partners currently participate in. The state company and the oil ministry are offering ⁠them ​simultaneously to different companies, expecting to receive and compare proposals received before finally awarding them, one of the sources added. PDVSA ⁠did not immediately reply to a request for comment.

The companies in ⁠talks with ⁠PDVSA include U.S. and European firms currently operating in the country, the sources said.

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