Chevron, PDVSA sign Petroboscan finance deal

06/17/2013
Chevron International and Petroleos de Venezuela SA have signed a $2 billion long-term credit line for their Petroboscan joint venture that PDVSA says aims at raising production at Boscan heavy oil field by 20,000 b/d. The agreement secures a corporate loan from Chevron to Petroboscan, conditional on the production increase, according to PDVSA. Boscan, developed in 1947, now produces about 107,000 b/d of 10º gravity oil, mostly used for asphalt. It's in Zulia state in western Venezuela. Chevron and PDVSA formed Petroboscan in 2006 to operate Boscan field until 2026 after the government of Venezuela required foreign companies to become minority shareowners in oil-producing projects. Chevro...
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