Gas development starting at La Vela, Venezuela

The Vinccler Oil & Gas CA unit of PetroFalcon Corp., Carpinteria, Calif., activated a completion rig to work over gas wells on the 400,000-acre East Falcon Block near the Caribbean in northern Venezuela.An agreement with International Finance Corp. calls for the World Bank to provide up to $40 million to develop Cumarebo and La Vela fields on the block (OGJ, Mar. 8, 2004, p. 38). Petroleos de Venezuela SA's ICO gas pipeline under construction will transport the gas to refineries and other buyers on the Paraguana Peninsula.PetroFalcon reports that three existing wells in La Vela field encountered oil and gas in four prospective reservoir sections. They are Miocene Caujarao, Socorro/Que...

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