By OGJ editors
HOUSTON, Nov. 21 -- PetroFalcon Corp., Carpinteria, Calif., said its PetroCumarebo joint venture with Petroleos de Venezuela SA (PDVSA) looks forward to accelerating activity on the East and West Falcon blocks in northern Venezuela.
PetroFalcon's Vinccler Venezuela and PDVSA-Corporación Venezolana del Petróleo signed the joint-venture conversion agreement on Sept. 29, giving PetroCumarebo rights to the two blocks covering 838,000 acres for 20 years.
Gross production from the two blocks totals 1,200 b/d of oil and 12 MMcfd of gas.
Vinccler Venezuela, with 40% interest, was expanding facilities to handle 20 MMcfd and 1,700 b/d at La Vela field and 30 MMcfd and 5,000 b/d at Cumarebo field.
Cumarebo field began producing 10 MMcfd and 285 b/d of oil in early August, when the field was tied into PDVSA's Interconnection Centro Occidente gas pipeline to the Paraguana Peninsula.
PetroCumarebo plans to develop Los Moroches oil and gas field, discovered in 1995 on West Falcon by the previous operator. Vinccler Venezuela also delineated several structural prospects around Cumarebo field on 85 km of 2D seismic data gathered in 2005.
Due to the delay in incorporating the JV, PetroCumarebo will not be able to spend its 2006 capital budget of $40.7 million.
