The National Assembly’s energy committee pre-approved extending the contract for the Petropiar joint venture between state-owned PDVSA and Chevron until 2047.
- NOTE: Extension of contract requires a final vote from govt-controlled National Assembly
- First phase of Petropiar project covered 2008 to 2032; extension of 15 years lasts to 2047, Deputy Hydrocarbons Minister Elianny Palencia said in the committee session
- Output for 2008-2023 reached 721 million barrels of oil, 368t cubic feet of gas, with $2.3 billion investment
- Plan includes drilling of 386 new wells for secondary oil recovery works
- PDVSA, Chevron partner in four separate joint ventures
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