PetroCumarebo Eyes 2,500b/d, 566,000m3/d by Year-End

PetroCumarebo, a joint venture between Venezuela's state oil firm PDVSA and PetroFalcon (TSX: PFC) subsidiary Vinccler, will be producing 2,500b/d of oil and 20Mf3/d (566,000m3/d) of gas by year-end, a Vinccler official told BNamericas.

PetroCumarebo is currently producing 900b/d of oil and roughly 8Mf3/d of gas. The latter mainly is shut-in as the ICO pipeline that receives deliveries is under repair.

PetroCumarebo has completed four wells at the La Vela field in East Falcon which could increase production significantly, Vinccler CFO Garrett Soden said.

"We have been drilling since the end of November 2006. We have four completed wells in La Vela that we hope to test at the beginning of June," he said.

As such, the company aims to announce increased output by early to mid-June.

PetroCumarebo soon could receive US$12.3mn from PDVSA for April-December 2006 oil revenues, net of royalties, Soden said. PetroCumarebo soon aims to invoice PDVSA for its natural gas deliveries in 2006.

Vinccler holds 40% of PetroCumarebo to PDVSA's 60%.

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