Venezuela's third marginal fields round is resulting in significant industry interest as apparent winning high bids are disclosed for certain field areas.
Before OGJ presstime, apparent high bids on five of 20 inactive and producing marginal field areas offered by Petroleos de Venezuela SA (Pdvsa) went to Venezuelan, U.S., and Chinese firms.
The highest bid cast by presstime, $118 million, was placed by China National Petroleum Corp. (CNPC) for the Intercampo North area off Lake Maracaibo's eastern shore, north of the Bachaquero field, in Zulia state (see map, OGJ, Nov. 11, 1996, p. 42).
The 39-sq km area has cumulative production of 178 million bbl of oil, with current output of 6,700 b/d from 59 wells. Another 52 are inactive. CNPC, which holds a 100% working interest, must invest $24 million in the area during the next 3 years on production-related rehabilitation, workover, enhanced oil recovery, and seismic activities.
None of the awards includes exploration costs as part of the minimum investment. With all awards, any new fields discovered and brought into production may be operated for 20 years; those not producing after 5 years will revert to operation by Pdvsa unit, Lagoven SA.
Mata, Kaki, Maulpa bids
The Mata field area, 80 km southwest of Anaco in Anzoategui state, drew an apparent high bid of nearly $90.8 million by 50-50 partners operator PBE Trading and Productos Industriales Venezolanos SA, both of Venezuela.
The 212-sq km area has cumulative production of 142 million bbl, and current output is 600 b/d from four wells; 130 wells are inactive.
The partners must spend $8 million over 3 years to boost output.
In another winning bid, a group led by Venezuela's Inelectra SA, operator, spent just over $60 million for the rights to expand production in the 305- sq km Kaki block, 30 miles south of Anaco, also in Anzoategui state.
The area has 19 million bbl of cumulative output, with current production of 600 b/d from six wells. Another 35 are inactive.
Inelectra holds a 30% interest with partners ARCO 56% and Venezuela's Polar Uno SA 14%. The group must spend $7 million during the next 3 years to increase production.
The same group spent another $61.3 million for the Maulpa block in central Anzoategui state, with the same percentage interests, according to ARCO. Minimum investment was not disclosed.
Reactivation of both blocks is expected to be under way by early in 1998.
Casma-Anaco
In another award, operator Cosa-Ingenieros Consultores and partners bid nearly $27.6 million for the 137-sq km Casma-Anaco area, about 70 km southeast of Maturin, in Monagas state.
Casma-Anaco has 37 million bbl cumulative output, with current production of 1,500 b/d from 11 active wells; 11 others are inactive. Interests are Cosa-Ingenieros 30%, Phoenix International CA 50%, and Cartera de Inversiones Venezolanas CA 20%, all of Venezuela. The companies must spend $6 million over the next 3 years to boost output.
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