PDVSA signs $2.2 bn oil service financing to boost drilling

5/22/2014

PDVSA signs $2.2 bn oil service financing to boost drilling

PIETRO D. PITTS

CARACAS (Bloomberg) -- Petroleos de Venezuela (PDVSA) signed financing deals worth $2.2 bn with oil service companies Schlumberger, Halliburton Co. and Weatherford International.

PDVSA, as the Caracas-based company is called, renewed a $1 bn credit line with Schlumberger, while the Halliburton and Weatherford arrangements are for $600 mn each, Oil Minister Rafael Ramirez told reporters on May 21, at a conference in the city of Maracaibo.

“The companies will increase their activity in the country, in some cases doubling,” Ramirez said.

PDVSA is planning to invest $24 bn this year to boost capacity as it seeks to keep production at about 3 MMbpd to comply with its OPEC quota, Ramirez said. Company officials from Repsol and Eni are planning to visit the country next month to sign a deal related to the Perla 3X offshore natural gas well, he added.

The company intends to start natural gas exports to Colombia in July, Ramirez said.

PDVSA first signed the $1 bn rolling credit line with Schlumberger in May last year. It can be renewed each year, Ramirez said at the time.

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