PDVSA says Chevron to loan $2 billion to Petroboscan JV

摘要

Caracas—Chevron will loan $2 billion to Venezuela’s state oil company PDVSA, its majority partner in the Petroboscan joint venture, to maintain and boost output in their 115,000 b/d Boscan field, PDVSA said July 18. It represents the first agreement of its type in recent Venezuelan history, where PDVSA has been struggling to maintain production, especially in its more mature fields. Despite relatively high oil prices, the majority of PDVSA’s earnings goes to finance the social projects of socialist President Hugo Chavez with little left for reinvestment, analysts have said.