Pdvsa poised to sign first E&P profit sharing

Venezuela's state petroleum company Petroleos de Venezuela SA (Pdvsa) this month will sign its first exploration and production profit sharing contracts. The effort represents Venezuela's most extensive offering of this type for private investment since nationalization 20 years ago. It also is the first offering of exploration acreage in Venezuela since 1958. The program is expected to generate as much as $12 billion in added investment in Venezuela's upstream sector the next 10-15 years. Pdvsa goals The E&P profit sharing program falls in line with Pdvsa's goal of boosting oil productive capacity to more than 5 million b/d by 2005 from the current level of slightly...

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