Inelectra won the rights to explore the field under a profit-sharing agreement awarded during a 1996 bidding round. This consortium also includes Italy's Eni and Opic, a subsidiary of Taiwan's Chinese Petroleum Corp. Once the transaction is completed, participation in the agreement will be distributed as follows: ConocoPhillips Venezuela, 37.5 percent; Eni Venezuela BV 30 percent; Inelectra, 25 percent; and Opic, 7.5 percent.
PDVSA has the option of taking a stake of up to 35 percent in the development if it is declared commercial.
ConocoPhillips, Eni, and Opic are already partnered in the Gulf of Paria West block, which they won during the same 1996 bidding round and which contains the Corocoro oil field. They announced a development plan for Corocoro earlier this year.
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