Petrolera Kaki will operate in the Kaki field in Anzoategui state. The field covers 305 sq km and produces 900b/d of light crude and 37Mf3/d (1.05Mm3/d) of associated liquid gas.
Inemaka representative and president of the country's oil chamber Antonio Viccentelli said the JV aims to increase production to 6,000b/d in 2-3 years.
Petrolera Kaki, the 16th JV of its type, was created under the framework of 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.
CVP has a 60% stake in Petrolera, Inemaka 22.6% and Inversiones Polar 17.3%.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles