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.
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