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
Global Business Development Manager
Expertise: Business Development
Location: Houston, TX
 
United States Canonsburg: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Canonsburg, PA
 
Senior Land Professional Job
Expertise: Landman|Lease Analyst
Location: Oklahoma City, OK
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours