Denarius Holding Group Inc., a US-incorporated energy holding company based in Florida, and Turkish energy company Çan2 Termik AS plan to invest about $382 million to redevelop CEMA oil field in Venezuela's Anzoátegui state under a long-term agreement with state oil company Petróleos de Venezuela SA (PDVSA).

Minerosol Group CA, a Venezuelan subsidiary ultimately controlled through Denarius Holding Group, signed a hydrocarbons production participation contract (CPPH) with PDVSA covering the field, according to statements by the companies Sept. 16-17.

The CPPH relates specifically to CEMA oil field in eastern Venezuela and is distinct from the separate Petrokariña joint venture operating in western Venezuela, Denarious Holdings Group noted in its Sept. 17 release.

The agreement has an initial term of 20 years with an option for a 20-year extension, subject to approval.

Çan2 Termik said CEMA, formerly known as Petrokariña, contains about 104 million bbl of remaining oil reserves and 499 bcf of remaining gas reserves across 10 fields covering 162.4 sq km. Current oil production is about 400 b/d. The API gravity range is 10–59°.

A development program targeting production of about 9,870 b/d includes field rehabilitation, operational improvements, and enhanced production techniques, the company said. The companies estimate total investment at $381.7 million during the initial 20-year term.

Çan2 Termik said it will fund the first phase of the project with proceeds from a recent capital increase. The company is the principal shareholder of Denarius Holding Group, which wholly owns Minerosol Group, based in Venezuela.

Denarius said its affiliate, Denarius Pumping Services LLC, will provide oilfield services and engineering support for the project.