Situated in the eastern area of the Faja, approximately 40 miles (65km) to the northeast of the city of Puerto Ordaz, the three blocks have a combined area of 215 square miles (557sqkm).
Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production, said: “We are pleased with today’s announcement and the prospect of negotiating an opportunity to expand our partnership with Petroleos de Venezuela (PDVSA) and the Venezuelan communities.
“Chevron’s growing presence in Latin America’s resource-rich basins highlights the company’s ability to fully integrate our experience and technology into the successful development of large, complex projects.”
It is expected the consortium of Chevron, Inpex, Mitsubishi and Suelopetrol will hold a combined 40% interest in the empresa mixta (joint company). PDVSA will hold the remaining 60% interest.
In Venezuela, Chevron currently holds a joint venture interest in PetroPiar, an integrated extra-heavy oil project in the Faja; joint venture interests in PetroBoscan and PetroIndependiente; joint venture participation in Plataforma Deltana Blocks 2 and 3 to produce natural gas; and an interest in Venezuela’s first liquefied natural gas project, which is currently under evaluation.
Chevron also operates the offshore Cardon III block north of Lake Maracaibo in the Gulf of Venezuela.
