By KEJAL VYAS
CARACAS -- State oil
monopoly Petroleos de Venezuela will host Repsol CEO Antonio
Brufau Thursday to discuss and review accords between the two
In a statement
released Wednesday, PdVSA, as the Venezuelan company is known,
didn't specify what the discussions with Repsol would include.
It noted, however, the state entity is in the process of
"reviewing and advancing" agreements with its Spanish
counterpart, as well as Italy's Eni.
Venezuela Oil Minister
Rafael Ramirez met with Eni
CEO Paolo Scaroni Dec. 21 "to evaluate future opportunities in
fuel and gas production," PdVSA said.
and Repsol have maintained close relations with President Hugo
Chavez's government, which has laid out ambitious plans for
raising oil and gas production over the next several
Critics, however, have raised doubts over Venezuela's ability
to sharply increase output, saying the government underinvests
in the oil industry and instead diverts funds to finance pet
The European companies signed a contract
last year with PdVSA to develop Venezuela's large offshore
Perla natural gas field. In August, PdVSA said it expected to
reach its goal of producing 300 million cubic feet of gas daily
in the fourth quarter of 2013.
is also partnered with PdVSA to develop the Junin 5 oil bloc of
Venezuela's massive Orinoco heavy oil belt. The project, which includes the construction of upstream and
downstream facilities, is seen requiring around
$16 billion in investment in coming years.
Dow Jones Newswires