PDVSA, Chevron sign financing deal for boosting Petroboscan Oil output
BY KEJAL VYAS
CARACAS -- PDVSA and Chevron signed a $2 billion loan that will go to raise production at the companies' Petroboscan joint venture in the South American country.
Chevron, which is lending the money, will be repaid at a rate of 4.5% points over the London interbank offered rate, Oil Minister Rafael Ramirez said at a signing ceremony with Chevron' s head of Latin American and African operations, Ali Moshiri.
The loan will allow Petroboscan, which runs the Boscan field in Venezuela' s western state of Zulia, to boost output from 107 Mbpd to 127 Mbpd over the next few years.
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