CAMIMPEG-SPS and PDVSA drive for a non-conventional financial model

Private investment.

CAMIMPEG-SPS and PDVSA drive for a non-conventional financial model.

 As part of the country’s productive engines, the Military – Civic Alliance and Petróleos de Venezuela (PDVSA), consolidate an Integral Services Agreement for the Urdaneta Lago Field in Zulia.

 

 The rehabilitated facilities of the Alí Primera Dock in La Cañada de Urdaneta served as the setting for the signing of the Integral Services Agreement between Camimpeg – Southern Procurement Services (SPS) and PDVSA, through a innovative financial model that guarantees the profitability of the investment in the hydrocarbon industry despite low international prices.

 Eulogio Del Pino, president of PDVSA,  described it as the appropriate financing model, for being an investment that will allow to finance the entire operation with the incremental barrels that are going to be generated, “we pay upon services rendered, in this case, upon incremental barrel produced”.

 Through the incorporation of the Civic-Military Alliance into the fields, the Venezuelan Oil Company leverages its productive development in a multidisciplinary and highly qualified team, backed by technological innovation and security.

Integral Services Agreement.

By signing, the Strategic Alliance initiates the first phase of the project, to reactivate and reimpulse the operations in the Urdaneta Lago Field, setting as a gol an additional 30 MBD in a period of 22 months.

 “Through the barrels that will be generated from this field, we will be discounting taxes, royalties, costs and then pay the loan that will receive the alliance to support this production,” said the president of PDVSA. 

 Also, Del Pino affirms that “in the Alí Primera dock, we are seeing the first early results obtained with the Alliance, the dock was given in commodatum on February and we can already see significant recoveries.”

Civic-Military union to increase the production.

It’s the first time in Venezuela’s history that the productive sectors of the hydrocarbons industry, the military and the private sector have joined forces to boost deferred production and to achieve an incremental of the production.

 To be an example of success in production, is the clear message expressed by Major General Alexander Hernández Quintana, Vice Minister of Defense and President of Camimpeg.

M/G Hernández Quintana highlighted that “the private company that is supporting us in the technical and financial aspects, is betting on the country and has invested a little over 10 million dollars in the work that has been doing since February, those are the companies that the country needs”.

We believe in Venezuela and its development.

Manuel Chinchilla, Executive Director of Southern Procurement Services (SPS),  sees Venezuela as a nation full of opportunities for growth and investment, he decided with own financing to carry out maintenance and rehabilitation work in PDVSA.

“While others have left and abandoned their operations, we have come to offer integral solutions with qualified Venezuelan personnel and international technicians, a model of non-conventional financing and advanced technology, always betting on Venezuela,” said Chinchilla.

The Camimpeg-SPS Alliance also develops projects in the blocks of the Orinoco Oil Belt “Hugo Chávez Frías”, where through the supply, installation and maintenance of compression systems has optimized production and raised the barrels for day.

In this way, Southern Procurement Services in Alliance with Camimpeg, expands its integral solutions in the most important oilfields strengthening the production of the oil industry of the nation.