Vinccler, CVP in Talks for Agua Salada Block

Vinccler Oil and Gas, the Venezuelan unit of Canadian oil and gas firm PetroFalcon (TSX:PFC), is in talks with Venezuelan state oil company PDVSA subsidiary CVP for the inland Agua Salada block, Vinccler financial manager Garret Soden told BNamericas.

"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.

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