MEXICO CITY (Pakistan Point News / Sputnik - 08th January, 2019) French company Maurel & Prom will invest $400 million in the development of oil production in the Urdaneta West field in Lake Maracaibo in Venezuela, the Venezuelan government said on Monday.
The company signed a corresponding agreement with the Venezuelan state-owned company PDVSA, it added.
The two companies became partners in Petroregional del Lago joint venture, 60 percent of which is owned by PDVSA, while Maurel & Prom has the remaining 40 percent.
As expected, the volume of production of the joint venture will be about 70,000 barrels of oil per day.
In December, Maurel & Prom bought a 40-percent stake in Petroregional del Lago from Royal Dutch Shell. According to media reports, Shell has experienced serious delays in receiving cash and dividends from the Venezuelan government. In 2016, the joint venture produced 33,000 barrels of oil per day on average.
Maurel & Prom has traditionally focused on Africa, but in recent years the company has also established strategic partnerships with Frontera Energy in Colombia and Peru.
