Venezuelan Assembly Approves Lagopetrol JV



Venezuela's national assembly has approved the creation of oil JV Lagopetrol, the energy and oil ministry (MEP) said in a statement.

State oil company PDVSA will hold 69% of the JV, Hocol Venezuela 26.35%, Ehcopek 3.10% and Cartera de Inversiones Petroleras 1.55%. The three companies joining forces with PDVSA have three months from the closing date to increase their total holdings in the JV to 40%.

Lagopetrol will operate the area previously held by Convenio Operativo B2X-70/80 and will be involved in E&P if reserves are found. The property covers 41.9km2 in Zulia state. The JV will be allowed to operate in the area for 20 years, according to the agreement.

Visit BNamericas to access our real-time news reports, 10-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.

RELATED COMPANIES