PDVSA and Private Sector Strengthen Strategic Relations

Source: www.gulfoilandgas.com 6/9/2016, Location: South America

The People's Minister of Petroleum and Mining and President of Petroleos de Venezuela, S.A. (PDVSA), Eulogio Del Pino, led the working group meeting of the National Council on Productive Economy of the Hydrocarbons Economic Driver, at La Campina PDVSA headquarters, in Caracas.

The meeting was attended by members of the Hydrocarbons Economic Driver: representatives of the Venezuelan Oil Chamber, Bolivarian Federation of Energy and Oil, Venezuelan Hydrocarbons Association, Venezuelan Gas Processors Association, and Venezuelan Federation of Small and Medium Size Industries and Artisans.

During the meeting, they discussed the importance of continuing to strengthen the strategic relations between the oil industry and mixed capital private companies in order to bolster domestic production, as well as new strategies and ongoing actions to boost the national oil industry.

One of the key issues addressed in the meeting is the progress of a PDVSA cost reduction program, which has included ideas from the private business sector and PDVSA partners.

This issue, along with efficiency gains, is key for Del Pino. "We looked at a number of initiatives that we’ve been able to combine from a business point of view to increase drilling rig efficiency. Additionally, we significantly reduced drilling times at the Belt’s wells. And we have new contract schemes that provide for the transfer of equipment and joint operation with private business”.

At the working group meeting they also announced ongoing financing strategies to meet all commitments. Del Pino said: "We seek financial schemes to reduce costs, manage and convert commercial debt in financial debt; to do business with the service sector, so that private business can obtain bank loans with a PDVSA guarantee. There is also ‘Credialianza', an initiative with the Banco de Venezuela which we have used for plant shutdowns and have implemented at El Palito Refinery, which gives us a permanent weekly cash flow available to all the companies involved in the shutdown”.

They also discussed the National Strategic Development Zone decree issued by the President of the Bolivarian Republic of Venezuela, Nicolas Maduro at the Orinoco Oil Belt, ongoing actions and the impact on operations and businesses after its approval.

Finally, the progress of the work team on Development of National Capacities was presented. "It is vital for us to know what we count on, what our national capacities are. There are areas we need to develop, some we need to boost and in some cases some we need to sustain", said Del Pino.

The oil minister announced that 10 domestic production strategic agreements will be signed on Friday between PDVSA and mixed capital private companies where the private sector will have a majority shareholding. "Private enterprise offers capabilities with features we have included to make operations easier”.


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