CARACAS, April 3 (Reuters) - Venezuelan oil company Petrocabimas, a joint venture that is majority-owned by state oil firm PDVSA, has sealed a $625 million financing agreement to boost output, Oil Minister Rafael Ramirez said on Thursday.
The financing will be provided by Venezuelan oil producer Suelopetrol, the minority owner of Petrocabimas.
Petrocabimas will use the funds to increase output to 57,000 barrels per day (bpd), Ramirez said during a meeting with oil company representatives. Suelopetrol’s website says Petrocabimas now produces 31,000 bpd from the Tia Juana and Cabimas West fields in western Venezuela.
Ramirez said that since 2013 PDVSA has signed agreements for more than $11 billion in financing to boost crude output with partners that include China’s CNPC, Spain’s Repsol, and U.S.-based Chevron.
Suelopetrol has a 40 percent stake in Petrocabimas, with PDVSA holding the remainder. (Reporting by Eyanir Chinea, writing by Brian Ellsworth; Editing by Peter Galloway)