Vinccler in Talks to Secure La Vela License

Vinccler, Canadian oil and gas independent PetroFalcon's (TSX: PFC) Venezuelan subsidiary, is in talks with the energy and oil ministry (MEP) to obtain a gas license for the La Vela offshore block, Vinccler's CFO Garrett Soden told BNamericas.

La Vela is "very desirable" and could hold as much as 500Bf3 (14.2Bm3) of free natural gas, Soden said. La Vela is in shallow water and close to the CRP refinery complex and Vinccler's existing onshore and offshore holdings.

"We have 3D seismic that we continue to review," Soden said in reference to La Vela.

Vinccler is partners with state oil company PDVSA in PetroCumarebo, which produces some 900b/d of oil and aims to expand output to 2,500b/d by year-end.

Further, PetroCumarebo has shut-in several million cubic feet of gas a day that it plans to start delivering to PDVSA once repairs to the ICO pipeline are completed in June.

Vinccler partners with US oil and gas major Chevron (NYSE:CVX) in the offshore Cardon III block in the Gulf of Venezuela.

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