CARACAS, May 26: Venezuelan state oil company PDVSA and Spain’s Repsol have signed an agreement to jointly explore the Barua Motatan oil field that could yield up to 40,000 barrels per day (bpd), PDVSA said late on Friday.

The accord calls for the field to be developed by Petroquiriquire, an existing joint venture 60 per cent owned by PDVSA and 40 per cent owned by Repsol.

Venezuela’s Congress will have to approve Repsol’s participation in Barua Motatan, located in the western states of Trujillo and Zulia.

Repsol is a minority partner with PDVSA in the Menegrande and Quiriquire fields and is currently certifying reserves in block Junin 7 of the Orinoco extra heavy oil belt.—Reuters