PDVSA, Chevron sign financing deal for boosting Petroboscan Oil output

5/27/2013

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.

Dow Jones Newswires

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