MARACAIBO, Venezuela, June 18 (Reuters) - Venezuelan oil producer Suelopetrol will inject $625 million into a joint venture with state oil company PDVSA to double production, Suelopetrol’s president said.
With the first cash injection due within two months, the Petrocabimas venture should double production to 60,000 barrels per day within five years, Enrique Rodriguez added.
PDVSA has a 60 percent stake in Petrocabimas, and Suelopetrol 40 percent.
“We estimate in a maximum of 60 days we will have terminated all the paperwork to initiate the first disbursement,” Rodriguez told Reuters at an oil conference in Maracaibo.
About $125 million would be disbursed per year, he added.
Suelopetrol also works with PDVSA and a consortium of foreign companies, including Chevron Corp, Mitsubishi Corp and Inpex Corp, in the Petroindependencia project in Venezuela’s Orinoco belt, the largest crude reserve in the world. (Writing by Girish Gupta; Editing by Andrew Cawthorne and Jeffrey Benkoe)