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Maurel & Prom to invest $400 million in Venezuela oil venture

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Staff Writer | January 8, 2019
Maurel & Prom
LatAm   Maurel & Prom said it had agreed to pay 70 million euros

France's Maurel & Prom will invest $400 million to acquire a 40 percent stake in a Venezuela oilfield joint venture called Petroregional del Lago, state oil company PDVSA President Manuel Quevedo said.

Maurel & Prom said in a December statement it had agreed to pay 70 million euros ($80.5 million) to buy the stake from Royal Dutch Shell Plc and that it would invest 350 million euros ($402.5 million) in boosting output.

"It will participate together with PDVSA with $400 million in investment to increase production in Lake Maracaibo," said Quevedo in a broadcast from Venezuela's presidential palace in the company of Maurel & Prom President Michel Hochard.

"We have signed agreements to ensure the necessary investments at the start of 2019 ... to boost production to 70,000 barrels per day," he said, without making any reference to Shell.


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