Ministry Awards Petroquiriquire, Petroguarico Gas E&P Licenses

Venezuela's energy and oil ministry (MEP) has awarded Petroquiriquire and Petroguarico non-associated natural gas licenses, state oil firm PDVSA said in a statement.

Petroquiriquire's license is for the Quiriquire Profundo area (93.2 sq km) in Monagas state and Petroguarico's is for the Copa Macoya area (290 sq km) in Guarico state.

Quiriquire Profundo's potential output is estimated at 280Mf3/d (7.93M3m/d) and 120Mf3/d of gas is produced in Copa Macoya, the statement said.

The licenses authorize production from existing reserves as well as the search for new reserves in the areas for 20 years.

The companies will pay the government a 20% base royalty on non-associated natural gas production.

Spain's Repsol YPF (NYSE: REP) controls 60% of Petroquiriquire and PDVSA Gas the remainder, while Japan's Teikoku holds 70% of Petroguarico and PDVSA Gas the balance.

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