Venezuela formally issues exploration licenses for six gas-prone blocks

Venezuelan Executive Vice-Pres. Adina Bastidas and Energy and Mines Minister Alvaro Silva Calderon formally have issued licenses to the winners of a recent tender for the exploration of six gas-prone blocks.

Aug. 16, 2001

By the OGJ Online Staff

HOUSTON, Aug. 16 -- Venezuelan Executive Vice-Pres. Adina Bastidas and Energy and Mines Minister Alvaro Silva Calderon formally have issued licenses to the winners of a recent tender for the exploration of six gas-prone blocks.

The OPECNA news agency reported that Trio Yucal Placer, a consortium of TotalFinaElf SA, Repsol-YPF SA of Venezuela, Otepi, and Inelectra won the Yucal Placer North and South Blocks. Pluspetrol of Argentina got the Barbacoas and Tiznado blocks. Repsol-YPF was awarded the Barrancas block. And Perez Companc de Venezuela took the Tinaco block.

Bastidas said the exploration of the areas awarded under the licenses would generate investments of $700 million over 8 years: $400 million on Yucal Placer North and South areas, $225 million on the Barrancas, and $155 million in the Tinaco, Tiznado and Barbacoas areas.

Silva Calderon said, "Additionally, we have areas already quantified and proven, both on land and offshore, which we want to use."