Dentons Europe LLP has advised Petróleos de Venezuela S.A. (PDVSA) on a transaction with Repsol Exploración, S.A. (Repsol) to promote investment in their joint venture called Petroquiriquire, S.A. This deal will increase production in the oil and gas industry in Venezuela and is intended to contribute to the recovery of the national economy.  

The Petroquiriquire joint venture, in which PDVSA owns a 60% share and Repsol owns 40%, includes the Quiriquire, Mene Grande and Barua-Motatan oil fields in Venezuela.   Its total production so far this year has been approximately 20,000 barrels per day (bpd) of crude and 40 million cubic feet per day of gas.  The main objective of the current deal is to boost the production of oil to 45,000 bpd and concurrently settle all outstanding issues between the joint venture partners. 

PDVSA is the national oil company of the Bolivarian Republic of Venezuela and Repsol is a Madrid-listed oil company present throughout the energy value chain, from oil and gas exploration and production to the commercialization of energy solutions for the home and mobility, with a presence in 23 countries.

Partner David Syed, Head of the Sovereign Advisory practice at Dentons Europe LLP, led the legal team advising PDVSA on the deal alongside Senior Counsel Ramu Ramaswamy, Associate Doris Torres in Europe, as well as members of the Sovereign Advisory practice in Caracas.  In addition to this latest transaction with Repsol, Dentons recently advised PDVSA on a similar deal with Maurel & Prom.

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