HNR amends Venezuela partnership

Harvest Vinccler, a unit of Harvest Natural Resources Inc. (HNR), agreed with Corporacion Venezolana del Petroleo SA to amend terms for a mixed company that Harvest Vinccler and CVP are forming.

Aug. 22, 2006

By OGJ editors
HOUSTON, Aug. 22 -- Harvest Vinccler, a unit of Harvest Natural Resources Inc. (HNR), agreed with Corporacion Venezolana del Petroleo SA to amend terms for a mixed company that Harvest Vinccler and CVP are forming.

Harvest Vinccler announced the addition of three oil fields to the mixed company's assets: Isleno, Temblador, and El Salto.

In March, Harvest Vinccler and CVP agreed to form Empresa Mixta Petrodelta to jointly develop and operate South Monagas Unit oil fields. HNR will own 40% of Petrodelta, and CVP will own 60% (OGJ, Apr. 24, 2006, p. 38).

Previously, Harvest Vinccler operated South Monagas. Mixed companies were formed as part of Venezuela's changing arrangements with international oil companies (OGJ, Apr. 25, 2005, p. 48). The amended agreement remain subject to approval by HNR shareholders and the Venezuelan government.