Venezuela’s state-owned oil company Pdvsa and the French energy company Maurel - Prom have entered into an energy cooperation framework agreement.This pact aims to restart oil and gas production in the Zulia state in western Venezuela, as reported by state media.The signing of the agreement marks the official reactivation of the joint venture Petroregional del Lago, S.A.This venture operates in the Urdaneta field near Lake Maracaibo, a key location in the South American country.

The joint venture had been inactive for at least five years.Venezuela’s Oil Minister and Pdvsa’s President, Pedro Rafael Tellechea, stated that the agreement was signed to boost production.This increase aims to enhance the development of the state-owned oil company, benefiting the national economy’s growth.Tellechea described the agreement as vital for the development of the Lake Maracaibo area.

“Currently, we are producing between 20,000 and 25,000 barrels of oil per day in this area.Venezuela and French Company Ink Oil Deal – Brdige on Lake Maracaibo.

(Photo Internet reproduction)This agreement is expected to increase our output to around 50,000 or 60,000 barrels daily in the short to medium term,” he added.Olivier de Langavant, President of Maurel - Prom Iberoamérica, expressed gratitude towards Pdvsa for this opportunity.He emphasized the intention to produce as much oil as possible under this agreement.Furthermore, he reiterated Maurel - Prom’s commitment to fulfilling the responsibilities that come with the pact.This includes a dedication to all workers of the joint venture.“For us, this is a very important stage.

After five years, we are returning to this joint venture, which is an extraordinary step forward,” said the Maurel - Prom representative.BackgroundVenezuela has one of the largest oil reserves in the world.

Its oil sector has historically been a major part of the economy.However, the industry faced challenges in recent years due to various factors, including political and economic instability.Pdvsa, once a leading oil company, has seen a decline in production and revenue.

This decline has significantly impacted Venezuela’s economy.The partnership with Maurel - Prom represents a strategic move to revitalize this key sector.Lake Maracaibo is an essential oil production region in Venezuela.

It has been a focal point for oil extraction for many decades.The Urdaneta field, in particular, has significant oil reserves.Maurel - Prom is a renowned player in the global energy sector.

Its expertise in oil and gas production is well-established.The collaboration with Pdvsa could bring new technologies and practices to Venezuela’s oil industry.This agreement is a part of Venezuela’s broader efforts to revive its oil sector.

The country seeks to attract foreign investment and expertise.These efforts are crucial for Venezuela’s economic recovery and growth.