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Repsol plans $4 bln Venezuela investment up to 2022

Friday, 8 Nov 2013 | 4:21 PM ET

CARACAS, Nov 8 (Reuters) - Spain's Repsol plans to invest $4 billion from now until 2022 in its various oil and gas projects in Venezuela, state-oil company PDVSA said on Friday.

Repsol and PDVSA have a joint venture that runs mature oil fields in the east and west of the OPEC member nation that produce about 40,000 barrels per day.

The Spanish company also works with PDVSA in an offshore natural gas project and is a key part of a consortium seeking to tap Venezuela's vast Orinoco extra heavy crude belt.

Repsol Venezuela official Cosme Vargas told a conference the planned investment in Venezuela should raise production to 100,000 bpd by 2022, PDVSA quoted him as saying.

(Writing by Andrew Cawthorne)

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