The Daily Journal. — Venezuelan company Primavera Infinita signed a Production Participation Contract with Petróleos de Venezuela (PDVSA) on Wednesday to develop the Budare-Elotes block, located between Anzoátegui and Monagas states, as part of a new round of agreements aimed at adding new areas to the country’s oil production portfolio.
The parties signed the agreement at Miraflores Palace during a ceremony attended by U.S. Energy Secretary Chris Wright.
PDVSA’s president set the project’s production target at more than 70,000 barrels per day, which would make the Budare-Elotes block one of Venezuela’s new projects aimed at expanding its oil production capacity.
During the ceremony, Primavera Infinita founding partner Manuel Iribarren said the company plans to develop the project with a focus on efficiency, sustainability and low costs.
“We are going to do it sustainably and safely, develop our communities and our workers, and serve as good stewards of our country’s land,” he said.
Technology, local industry and the return of talent
Iribarren explained that the company’s strategy will focus on incorporating local expertise, strengthening Venezuelan industry and bringing back professionals who left the country.
“Our work aligns with three objectives,” he said, including “using all the knowledge that the Venezuelan people have acquired, developing our workers and using local industry,” while also encouraging skilled Venezuelans in the diaspora to return.
The executive also highlighted the need to bring new technologies into Venezuela’s oil industry.
“We also [want to] try to bring the best technology to our country. Our country pioneered oil technology, and the idea is for us to do it again,” he said.
Iribarren described the current environment as an opportunity for Venezuelan entrepreneurs and professionals to participate in the recovery of the country’s energy industry.
“This is the opportunity; this is such an important moment for our country,” he said, while encouraging Venezuelans abroad who are considering returning. “I would like to encourage all the other Venezuelans who are thinking about returning, who are thinking about contributing their energy.”
The project joins a wave of oil agreements that Caracas formalized this week with multinational companies such as oil giant Chevron and Italy’s Eni, as well as smaller companies, including U.S.-based Aspect Holdings.
