US$1bn Deal With Gazprom To Boost Petrozamora Oil Output

News: Venezuela's state-owned Petroleos de Venezuela (PdVSA) has entered into a US$1bn loan agreement with Russia-based Gazprombank to boost oil output at the Petrozamora oil project, according to Oil and Mining Minister Rafael Ramirez. The funds will be used to help increase production at the Lagunillas Tierra and Bachaquero Tierra oil fields, operated by Petrozamora in Zulia, Venezuela. The eight-year loan, which is expected to be allocated from January 2014, will be used to boost oil production from 70,000 barrels a day (b/d) to 104,000b/d, Ramirez added.

This article is tagged to:
Sector: Oil & Gas
Geography: Venezuela

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