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CVP and Suelopetrol signed agreement to set up Petrocabimas

Corporación Venezolana del Petróleo (CVP), affiliate of Petróleos de Venezuela S.A (PDVSA) and Suelopetrol signed the conversion contract setting up the Petrocabimas S.A. joint venture. The Venezuelan operator thus becomes the first in adhering to the new business model promoted by PDVSA.  

The new joint venture will operate the Cabimas field, located in the Cabimas municipality, in the Zulia State, whose current production totals 6,100 barrels per day with a gravity of 20 API, in almost 166 active wells.

So far, 14 joint ventures have been set up, out of a total of 21 operating in the east and west of the country, they are: Petroindependiente, Petroboscan, Petroregional del Lago, Baripetrol, Petrowarao, Petrowayu, Petroven-Bras, Petroritupano, Petrocariña, Petronado, Petroquiriquire, Boqueron, Petroperijá y Petrocabimas.

Corporación Venezolana del Petróleo will be the major shareholder with 60% and Suelopetrol 40%. CVP’s president, Eulogio del Pino, stressed the importance of the occasion since Suelopetrol becomes the first national operator in moving into the new model of joint ventures implemented by PDVSA.

For his part, Henrique Rodriguez, representative of Suelopetrol indicated that “PDVSA is the ideal partner for the Venezuelan entrepreneurs given its technical and financial strengths.  It promotes national wealth, which is in full compliance with Art. 18 of the Organic Law of Hydrocarbons that stimulates national operating companies.