Petróleos de Venezuela S.A. (PDVSA) and the Sulzer company have formalized a five-year strategic agreement aimed at strengthening the operational capacity and infrastructure of the national energy sector.
The agreement establishes the operational framework to address technical requirements across various stages of the industry, covering from exploration and production (upstream) to pipeline transport, refining, and the subsequent distribution of hydrocarbons.
«The new agreement, established in compliance with regulatory requirements, provides a long-term foundation for applying this technical expertise at a time when Venezuela is embarking on a new phase of investment and development in its oil and gas sector,» states a press release issued by the Swiss company.
This way, cooperation becomes significant given the technical challenges involved in extracting heavy and extra-heavy crude, a predominant resource in strategic areas such as the Orinoco Oil Belt and Lake Maracaibo, where the country’s largest proven reserves are concentrated. In this sense, the European firm’s engineering and specialized services will look to support the plans to increase production and upgrade technology of the state-owned company.
«Venezuela holds some of the world’s largest proven oil reserves—exceeding 300 billion barrels—located primarily in the Orinoco Oil Belt and the Lake Maracaibo region. A large portion of these resources consists of heavy and extra-heavy crude, which requires specialized technologies,» reads the text.
Regarding the significance of this development, Suzanne Thoma, Executive Chair of Sulzer, stated: «Our long-standing presence in the country has allowed us to gain a deep understanding of its industrial landscape and operational needs. This agreement brings together our extensive capabilities to support PDVSA and contribute to its long-term development.»
With this signing, both entities reaffirm a long-standing working relationship, operating within the framework of current regulations to support the new phase of investment and infrastructure underway in the Venezuelan oil sector.