By OGJ editors
HOUSTON, Apr. 7 -- PetroFalcon Corp. plans to acquire Anadarko Venezuela Co. from Anadarko Petroleum Corp. for $200 million.
The agreement is subject to the approval of the Venezuelan Ministry of Energy and Petroleum. PetroFalcon is a Canadian company operating in Venezuela.
Anadarko Venezuela indirectly owns 18% of Petroritupano SA, a joint venture of Petroleos de Venezuela SA and Brazil's Petroleo Brasileiro SA (Petrobras). Anadarko Venezuela's working interest production from Petroritupano is 7,440 boe/d before royalties. Petroritupano has exclusive rights to explore, develop, and produce oil and gas through 2025 from the Oritupano-Leona Block.
Juan Francisco Clerico, PetroFalcon's chairman and chief executive officer, said the acquisition will multiply the firm's daily oil production by almost eight times and more than double its proved and probable reserves.
Petroritupano's business plan calls for the drilling of 90 infill wells and 147 recompletions over the next 16 years.
