CVP, Teikoku, Vinccler Ink E&P JV Contracts

CVP, a subsidiary of Venezuela's state oil company PDVSA, has signed contracts with Japan's Teikoku and local firm Vinccler to establish E&P JVs Petroguarico and Petrocumarebo respectively, PDVSA said in a statement.

Petroguarico will operate the Guarico Oriental field in Guarico state. The field produces an average 1,700b/d.

Petrocumarebo will operate in the Falcon Este and Oeste fields in Falcon state. These fields together produce an average 1,680b/d.

The new companies were 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 will control 70% of Petroguarico and 60% of Petrocumarebo.

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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours