CVP, Inemaka, Inversiones Polar Ink E&P JV

Venezuela's state oil firm PDVSA subsidiary CVP has signed a contract with local firms Inemaka Exploration & Production Company and Inversiones Polar to establish a JV E&P company, Petrolera Kaki.

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.


Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours