(MENAFN) Venezuela had announced on Tuesday that Royal Dutch Shell Plc will provide some USD400m in financing to boost oil output at Venezuela's Petroregional del Lago.
Petroregional that operated the Urdaneta oilfield in Venezuela's Western Maracaibo Lake, producers between 30,000 barrels per day and 35,000 bpd, and Shell owns 40% stake in the venture.
Moreover, the agreement aims to increase total production to 344 million barrels between 2017 and 2035.
Venezuela's oil minister said in an interview: "As a minority partner, (Shell) has decided to start a financing of USD400 million for the joint venture we have in the lake."
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