Shell to invest US$400 million in PDVSA Lake Maracaibo joint venture

State oil company Petróleos de Venezuela (PDVSA) President Eulogio del Pino announced on 6 December 2016 that Royal Dutch Shell would invest US$400 million to increase crude production at a joint venture with PDVSA in Lake Maracaibo. The Corporación Venezolana del Petróleo, a subsidiary of PDVSA, controls 60 percent of joint venture Petroregional del Lago S.A. and Shell owns the remaining 40 percent (La Patilla). According to Del Pino, Shell's investment will allow production at the joint venture to increase by 344 million barrels of crude between 2017 and 2035, or by 52,400 barrels per day on average. In a statement, PDVSA noted the total investment required for the project is US$2.8 billion (Panorama).