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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