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Chevron, PDVSA shoot for higher production

WASHINGTON, May 30 (UPI) -- A $2 billion investment in onshore oil developments in Venezuela will help a recovery in production levels, Venezuelan Oil Minister Rafael Ramirez said.

The Venezuelan Embassy in Washington said U.S. supermajor Chevron committed to a $2 billion investment in a joint venture with state oil company Petroleos de Venezuela, known also as PDVSA.

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The investments target joint venture Petroboscan, formed to operate the Boscon oil field in western Venezuela.

Ramirez described the commitment as "an excellent arrangement for all of our joint ventures."

Ramirez is president of PDVSA. His country has some of the largest oil deposits in the world, leading the Organization of the Petroleum Exporting Countries.

Ramirez said the joint venture between Chevron and PDVSA aims to increase oil production at Boscon from 107,000 barrels of oil per day to 127,000 bpd. The financing is part of an overall initiative by PDVSA to increase oil production by more than 60 percent to 6 million bpd by 2019.

"With this financing, we're going to recover production and then work to take maximum advantage of the remaining reserves," Ramirez said.

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