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.
Operates 15 Offshore Rigs
Manages 26 Offshore Rigs
- Venezuela's Deteriorating Oil Quality Riles Major Refiners (Oct 20)
- Venezuela Confirms Discussing Citgo Collateral Swap With Rosneft (Oct 04)
- Venezuelans Face Growing Queues To Buy Gasoline (Sep 21)
Company: Vinccler Oil and Gas more info
- ANH Pre-qualifies Companies for Ronda Caribe (Aug 28)
- PetroCumarebo Eyes 2,500b/d, 566,000m3/d by Year-End (May 24)
- Vinccler in Talks to Secure La Vela License (May 24)
Company: Teikoku Oil more info
- Petrobras: $535 Million In Ecuador Investments On Hold (Apr 08)
- Teikoku Acquires 35% Stake in Block 31 Offshore Suriname (Aug 29)
- Venezuela to Resume Offshore E&P Gas Licensing (Jan 25)