Gregory D. Croft, Karl W. Stauffer Pantera Petroleum Inc. San Leandro, Calif.
Venezuelas congress approved on July 4, 1995, the offering of 10 exploration blocks (38300 bytes) after several months of discussions. This is the first new offering of exploration acreage in Venezuela since 1958 (OGJ, July 24, p. 21).
Terms for the offering include a sliding-scale royalty, various taxes, a fixed work commitment, and a government participation share. This last parameter is offered by the bidder, with the largest participation share being the winning bid.
The blocks are located in different parts of the country, but all 10 are located in basins that are prolific oil and gas producers. ...