ConocoPhillips gets green light on Venezuela's Corocoro

By OGJ editors

HOUSTON, Feb. 14 -- Venezuela has approved a plan for ConocoPhillips unit Conoco Venezuela CA and its partners to develop giant Corocoro oil field in eastern Venezuela's Gulf of Paria (OGJ, June 21, 2004, p. 39).

ConocoPhillips Pres. James Mulva and Venezuelan President Hugo Chávez met late Feb. 11, and the state oil company Petroleos de Venezuela SA (PDVSA) announced the agreement Feb. 12.

The consortium has a production goal of 75,000 b/d in 2007 and 120,000 b/d in 2009.

ConocoPhillips had planned to drill wells in Corocoro in December 2004, but Venezuela put the project on hold pending resolution of questions concerning the business plan (OGJ Online, Apr. 11, 2003). A PDVSA news release noted an adjusted royalty tax of 16.33% for the project.

"We are going to continue with this project," Mulva said in the PDVSA release. "We likewise ratify our interest in future investment opportunities in Venezuela."

Partners are PDVSA subsidiary Corp. Venezolana del Petroleo SA (CVP), Italy's ENI SPA unit Agip Venezuela BV, and OPIC Karimun Corp., an affiliate of Taiwan's state-owned Chinese Petroleum Corp. unit Overseas Petroleum & Investment Corp.

Related Articles

ConocoPhillips reports higher 2013 earnings

02/10/2014 ConocoPhillips reported full-year earnings of $9.2 billion in 2013, an increase from the $8.4 billion totaled in 2012, which included $1.2 billion ...

ConocoPhillips reports higher 2013 earnings, expects higher production in 2014

01/31/2014 ConocoPhillips reported full-year earnings of $9.2 billion in 2013, an increase from the $8.4 billion totaled in 2012, which included $1.2 billion ...

Alaska LNG Project parties sign heads of agreement

01/16/2014 ExxonMobil Corp., BP PLC, ConocoPhillips, TransCanada Corp., Alaska Gasline Development Corp. (AGDC), and Alaska’s commissioners of natural resourc...

ConocoPhillips closes $1.75 billion sale of Algeria business

11/27/2013 ConocoPhillips completed the sale of its Algeria business unit ConocoPhillips Algeria Ltd. to Indonesian state-owned Pertamina for $1.75 billion, r...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected