Inepetrol and Petrotrin Share Stake in Gulf of Paria Field

Inepetrol an Inelectra subsidiary, received approval from the Venezuelan National Congress to share a 50% stake of its offshore Paria East Field with Petrotrin, Trinidad's state owned oil company. Originally PDVSA awarded the field in 1996, to Enron and Inepetrol on a shared benefits exploration contract basis, however, Enron assigned its interest in the venture last year to Intepetrol due to a realigment of its business.

Earlier this year, Inepetrol with the technical assistance Petrotrin discovered oil in the Paria East Field, along the Trinidad border. An evaluation plan is still needed to determine the commercial viability of the discovery.

Inepetrol stated that they still need an experienced exploration company like Petrotrin to develop that field. Inepetrol is the first Venezuelan oil operating company and this is its first oil discovery. Inepetrol is a wholly owned subsidiary of Venezuela's Inelectra, one of the leading Venezuelan engineering organizations, with a long expertise in the execution of investment projects within the energy and industry sectors.