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Venezuela's state oil company PDVSA formally transferred all of its joint ventures contracts with private sector companies to a new unit called Corporacion Venezolana de Petroleo (CVP), PDVSA said in a statement Saturday.
CVP will be responsible for managing 33 joint ventures, four Orinoco delta heavy crude joint ventures and three exploration risk sharing agreements.
Together, these produce around 900,000 barrels a day, or nearly one third of Venezuela's total production, according to the statement.
"What we have done is simply to transfer some responsibilities to CVP...the objectives are to reduce PDVSA's production costs and increase its revenues," hydrocarbons deputy minister and CVP's first president, Luis Verma, said
Most of the staff that used to handle these contracts under the old structure will be transferred to CVP, Vierma said. Rafael Lander has been appointed as vice president of CVP, Angel Gonzalez and Jose Felix Rivas have been appointed as directors, and Oscar Fanti and Nehil Duque have been appointed as managers for western and eastern Venezuela respectively.