CVP Inks JV with Locals CIP, Open

Venezuela's state oil firm PDVSA subsidiary CVP has struck a joint venture deal with local firms CIP and Open, PDVSA said in a statement.

The Petrocuragua JV will operate the Casma-Anaco oilfield in eastern Venezuela's Monagas state that produces on average 6,000 barrels a day.

CVP has a 60% stake in Petrocuragua, Open 12% and CIP 28%.

Venezuela's national assembly has approved the JV deals in accordance with the 2004 hydrocarbons law, which states PDVSA must have at least 51% in every oil E&P project in Venezuela.

The new JVs substitute the old operating agreements between PDVSA and foreign oil companies, which the state company deemed too expensive.

The national assembly approved 21 JVs, of which 15 have been finalized. CVP aims next week to ink a JV in Beijing called Petrolera Sino-Venezolana with China Petrol, PDVSA reported.

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