Paris-based oil company Maurel & Prom plans to commit $400 million to buy a 40 percent stake in Petroregional del Lago, a Venezuela oilfield joint venture.

In December, Maurel & Prom noted that it had agreed to pay $80.5 million to acquire the stake from British-Dutch oil and gas giant Royal Dutch Shell PLC and that it will infuse $402.5 million) in increasing output.

Maurel & Prom will participate together with peer Petróleos de Venezuela, S.A. with $400 million in commitment to boost production to 70,000 barrels per day in Lake Maracaibo, Venezuela.

In 2018, Petroregional del Lago produced approximately 15,500 barrels per day.