PDVSA, Perenco $420m in Funding to Boost Output

Source: Reuters 3/7/2014, Location: South America

Anglo-French oil company Perenco signed a deal with Venezuela's state oil firm PDVSA to provide $420 million to boost output at their joint venture in the OPEC nation.

The daily output of the Petrowarao joint venture, which produces in the east and the west of the South American country, was about 4,500 barrels of crude, said Petroleum Minister Rafael Ramirez.

"This financing will be concentrated on increasing output at our joint venture to at least 24,000 bpd," he told reporters.

The deal includes a three-year grace period, the minister said, and will be repaid at a rate of Libor plus 4.5 percent.

Petroleos de Venezuela SA (PDVSA) has brought in some $10.3 billion in funding from joint-venture partners to help boost stalled production, shoring up its financing after it cut back sharply on bond issues.

Ramirez added that PDVSA expected to finalize a financing agreement with Russia's state oil producer Rosneft for $2 billion. He did not provide details.


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