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PDVSA says to start exploration work in Paraguay next week
AFP
CARACAS
Petroleumworld.com 07 09 06
Venezuela's PDVSA is sending a team of experts to Paraguay next week to
start exploring for oil, the state oil company said Thursday."With the creation of a joint commission between Paraguay and Venezuela,
exploratory work for oil reservoirs will begin on Paraguayan soil in the
coming days," PDVSA said in a statement.The statement quoted Venezuelan President Hugo Chavez as authorizing the
exploration, including well-drilling, after a meeting Tuesday in Caracas with
his Paraguayan counterpart, Nicanor Duarte.PDVSA will send a team of experts to Paraguay on Monday to begin
pre-exploratory studies, Energy Minister Rafael Ramirez told Venezuelan state
television Thursday. Earlier this week, Paraguay's Public Works Minister
Panfilo Benitez said he would ask PDVSA to drill 12 exploratory wells in the
Chaco region.As part of an energy cooperation deal signed last year, PDVSA is already
studying an overhaul or expansion of Paraguay's 7,500 b/d Villa Elisa
refinery. PDVSA is also considering teaming up with Paraguay's state-owned
Petropar to open a chain of gasoline service stations in the country and
agreed in December to send Paraguay 13,000 b/d of gasoil under preferential
financing terms. Paraguay's total domestic demand is around 25,000 b/d.At the meeting between Chavez and Duarte, shortly before a summit of
presidents from the Mercosur trade pact, Venezuela also agreed to buy $100
million of Paraguayan debt. Venezuela has already helped out Argentina by
buying $2.8 billion of its debt using its oil windfall money, as well as a
further $25 million from Ecuador.--Steve Ixer, newsdesk@platts.com
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Platts 07 06 06
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