Venezuela okays Harvest Vinccler's mixed company

Harvest Vinccler SCA (HVSCA), a unit of Natural Resources Inc., said Venezuelan President Hugo Chavez signed a transfer decree finalizing a long-awaited mixed company.

By OGJ editors
HOUSTON, Oct 29 -- Harvest Vinccler SCA (HVSCA), a unit of Natural Resources Inc., said Venezuelan President Hugo Chavez signed a transfer decree finalizing a long-awaited mixed company.

Mixed companies are part of Venezuela's changing arrangements with international oil companies (OGJ, Apr. 25, 2005, p. 48).

HVSCA and Corporacion Venezolana del Petroleo SA (CVP) formed Petrodelta SA.

The transfer decree allows Petrodelta to develop Uracoa, Tucupita, and Bombal fields, operated by HVSCA since 1992, and Isleno, Temblador, and El Salto fields assigned to Petrodelta by the Venezuelan government.

HVSCA transferred all its rights under its operating service agreement and its operating assets to Petrodelta. HNR Finance BV, an 80%-owned Harvest affiliate, owns 40% of Petrodelta, and CVP owns 60%.

Petrodelta will operate the fields under a 20-year grant.

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