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.