Harvest negotiating to sell Venezuelan interests

Harvest Natural Resources Inc., Houston, has begun exclusive negotiations with a third party for a specified time period for the possible sale of Harvest’s 32% interest in Petrodelta SA, its Venezuelan asset.
March 6, 2012

Harvest Natural Resources Inc., Houston, has begun exclusive negotiations with a third party for a specified time period for the possible sale of Harvest’s 32% interest in Petrodelta SA, its Venezuelan asset.

Petrodelta produced 11.39 million bbl of oil in 2011, up 33% on the year. Petrodelta has averaged 32,500 b/d of oil so far in 2012 compared with 31,205 b/d in calendar 2011.

The Venezuelan company sold 2.27 bcf of natural gas, up 3%. Petrodelta is operating three drilling rigs and one workover rig. Capital expenditures for development drilling and infrastructure are estimated to have been $137.5 million in 2011 compared with $98.7 million in 2010.

Petrodelta drilled and completed 15 successful development wells in calendar 2011 compared with 16 development wells in 2010.

About the Author

Alan Petzet

Chief Editor Exploration

Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.

Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.

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