Petróleos de Venezuela (PDVSA) and the French company Maurel & Prom signed a first framework agreement to increase oil and gas production in Lake Maracaibo, through the reactivation of the joint venture Petroregional del Lago, S.A., located in Campo Urdaneta in Zulia State. 

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This is the first agreement signed between PDVSA and a European oil company following the issuance of General License N⁰44 by the U.S. Treasury Department, temporarily suspending illegal restrictions against the Venezuelan oil and gas industry.

This is an agreement "for the increase of production which is extremely important and will allow to continue strengthening the development of the state-owned oil company for the benefit of the national economy," said the Minister of Petroleum and President of PDVSA, Pedro Rafael Tellechea.

The Minister pointed out that "this is a recognized French company, of world standards." He said that this corporation also integrates a gas flaring project in Monagas, in alliance with two European companies in addition to Maurel & Prom: the Italian Eni and the Spanish Repsol. 

The tweet reads, "PDVSA and the French company Maurel & Prom signed a first framework agreement to increase gas and oil production in Lake Maracaibo. With this agreement, the joint venture Petroregional del Lago, S.A., located in Campo Urdaneta in Zulia State, is reactivated."

"We have a gas flaring project almost ready in the north of Monagas. They have all the disposition and technical support from our side," he said, and added that Eni and Repsol "are the next ones with whom we should sign and, of course, with you (Maurel & Prom) accompanying them." 

President of Maurel & Prom Iberoamerica, Olivier de Langavant, thanked the PDVSA team for this contract that will allow "producing the largest amount of oil possible."

Langavant said he was aware of the responsibility they will have with all the workers of the joint venture in this step that he described as extraordinary because "now, after 5 years, we are returning to this joint venture."

The agreement was signed by Pedro Rafael Tellechea, Minister of Petroleum and President of PDVSA; Olivier de Langavant, President and CEO of Maurel & Prom Iberoamérica S.L.; Luis Molina Duque, President of the Corporación Venezolana de Petróleo (CVP) and Director of PDVSA Petróleo S.A. 

Also signing were Pablo Liemann, president of Maurel & Prom Services S.A.S.; Erasmo Montilla, president of PDVSA Social; José Delgado, president of Mixta Petroregional del Lago; and Fabrice Moratinos, general manager of Maurel & Prom and UW S.A. Integrated Services.