PDVSA takes control of Jusepin oil field

Venezuela's state-owned Petroleos de Venezuela SA (PDVSA) has taken control of Jusepin oil field in eastern Venezuela.

April 3, 2006

Doris Leblond
OGJ Correspondent

PARIS, Apr. 3 -- Venezuela's state-owned Petroleos de Venezuela SA (PDVSA) has taken control of Jusepin oil field in eastern Venezuela.

Total SA, which operates the field with a 55% interest, did not agree to a contract conversion required by the government, PDVSA said. BP PLC holds the remaining 45%.

A Total spokeswoman told OGJ it was up to Total to renew negotiations, but she would give no further details on the disagreement.

Jusepin field is the only conventional oil field operated by Total in Venezuela. Its other fields involve extra-heavy oil (Sincor) or natural gas (Yucal Placer) and the recently acquired 49% interest in the offshore natural gas Block 4 of Plataforma Deltana.

In 1998, Total disclosed results of a new-pool wildcat in the Jusepin permit area in eastern Venezuela. Cotoperi-1 confirmed a second structure on the block 10 km from Jusepin field (OGJ, Sept. 7, 1998, p. 42).