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.

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