Venezuela awards TotalFinaElf group Yucal Placer gas concessions

Venezuela has awarded a consortium headed by TotalFinaElf SA the Yucal Placer Norte and Yucal Placer Sur blocks. The award is part of a move to open the Venezuelan gas sector to private investment, said TotalFinaElf.


By the OGJ Online Staff

HOUSTON, July 2 -- Venezuela has awarded a consortium headed by TotalFinaElf SA the Yucal Placer Norte and Yucal Placer Sur blocks.

The award is part of a move to open the Venezuelan gas sector to private investment, said TotalFinaElf.

The exploration, production, and development licenses are for 35 years.

Gas production at Yucal Placer field, 100 km southeast of Caracas, ended in 1989.

The block partners plan to redevelop the field in two phases, including drilling, construction of gas collection and treatment facilities, and connection to the national gas transportation network. The second phase will increase production to 300 MMcfd.

TotalFinaElf will hold 69.5%; Repsol-YPF SA will hold 15%; and Venezuelan companies Inelectra and Otepi will hold 10.2% and 5.3% respectively.

Repsol-YPF also announced it has been awarded a 100% interest in the Barrancas block.

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