Venezuela's government and opposition have discussed allowing private compa...
CARACAS - Venezuela’s government and opposition have discussed allowing private companies in joint ventures with state oil company PDVSA to operate oil fields themselves, reversing a longstanding requirement that PDVSA control such operations, three people familiar with the talks said.
The talks suggest President Nicolas Maduro’s government is seeking to mitigate the impact of U.S. sanctions by boosting crude production, after Venezuela increased oil exports for three straight months by sending more barrels to Asia, undermining Washington’s efforts to isolate the OPEC nation. [nL1N28C180]
Private companies have argued that the requirement that PDVSA operate the fields - which involves procuring equipment, hiring contractors, and making drilling decisions - has created bottlenecks that limit production, which this year has languished near seven-decade lows.Pedro Diaz Blum, a former legislator who coordinates the Boston Group, said he could not discuss the content of the group’s conversations.
At least one joint venture is already weighing the possibility. Oswaldo Cisneros, a Venezuelan businessman whose Delta Petroleum has a 40% stake in the Petrodelta joint venture, said he was evaluating signing a deal with PDVSA that he said would “subcontract the operation of the field to us.”
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