By OGJ editors
HOUSTON, Nov. 5 -- Benton-Vinccler CA, the Venezuelan operating arm of Houston-based Harvest Natural Resources Inc., has signed an agreement with Petroleos de Venezuela SA (PDVSA) to evaluate the productive capacity of PDVSA's Temblador and El Salto oil and gas fields in Eastern Venezuela.
Temblador has produced more than 115 million bbl of oil and 60 bcf of gas since its discovery in 1936, but was partially shut down in 2002. El Salto, by contrast, has never produced since it was discovered and delineated in the 1980s.
The fields cover a 700 sq km license area and lie near Harvest's South Monagas Unit. Benton-Vinccler has 6 months to submit a field development plan and negotiate terms whereby it would join PDVSA in producing the remaining reserves. Terms of the new joint venture will be framed under the Venezuelan Organic Hydrocarbon Law, Harvest said.
"We have an opportunity to add significant reserves and value from fields located adjacent to our current production," said Harvest Pres. and CEO Peter J. Hill. "PDVSA can benefit from increased production growth and much needed investment in the area."
