"We are negotiating the onshore license," said Soden, which means Vinccler would have to set up a different entity from Petrocumarebo, Vinccler's existing 40:60 JV with PDVSA.
Agua Salada is in Falcón state and is said to hold 700Mf3 (19.8Mm3) of natural gas and 11Mb of oil.
The executive said negotiations for Agua Salada could wrap up next year.
Agua Salada is near Petrocumarebo, near the world's largest refinery (CRP) and ICO, the new gas pipeline through which PDVSA hopes to alleviate the gas deficit that is choking oil exploration, crude refining, thermal generation and petrochemicals manufacturing.
Vinccler could hold 100% under Venezuelan law, but PDVSA Gas would have the option to buy as much as 40% once commerciality is declared.
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.
Most Popular Articles
From the Career Center
Jobs that may interest you