PdVSA Demands More Cash From Partners For JV Projects

摘要

BMI View: High oil prices should enable PdVSA's foreign partners to secure the requisite short-term fnancing mandated by PdVSA. Given Caracas' policy choices, we see Venezuela's reliance on foreign funding for its upstream oil projects increasing in the coming years. Venezuela's state-run oil producer PdVSA has told its foreign partners to secure several hundred million US dollars by end-H111 to boost production at their joint ventures (JVs), Reuters reported on March 25 2011, citing unnamed sources involved in the JVs. The latest instructions follow PdVSA's demands in 2010 that its foreign JV partners present higher production targets for their projects.