CVP, Inemaka, Inversiones Polar Ink E&P JV


Venezuela's state oil firm PDVSA subsidiary CVP has signed a contract with local firms Inemaka Exploration & Production Company and Inversiones Polar to establish a JV E&P company, Petrolera Kaki.

Petrolera Kaki will operate in the Kaki field in Anzoategui state. The field covers 305 sq km and produces 900b/d of light crude and 37Mf3/d (1.05Mm3/d) of associated liquid gas.

Inemaka representative and president of the country's oil chamber Antonio Viccentelli said the JV aims to increase production to 6,000b/d in 2-3 years.

Petrolera Kaki, the 16th JV of its type, was created under the framework of the 2004 hydrocarbons law, which states PDVSA must have at least 51% in every oil E&P project in Venezuela. The new JVs substitute the old operating agreements between PDVSA and foreign oil companies, which the state company deemed too expensive.

CVP has a 60% stake in Petrolera, Inemaka 22.6% and Inversiones Polar 17.3%.

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