Petrotin Moves Ahead With Offshore Exploration Joint Venture

Tuesday, August 07, 2001
Venezuela has given the state-owned Petroleum Company of Trinidad and Tobago, also known as Petrotrin, approval to enter a joint venture to explore an offshore oil field near the maritime border of the South American nation with Trinidad.

Petrotrin reportedly would take a 50 percent interest in the Gulf of Paria East block, a stake that was previously held by Enron Corp., the Number one U.S. natural gas and electricity marketer. No financial details of the deal were immediately available.

A test well at the block produced 3,000 barrels a day of oil in February. Its Venezuelan operator Inelectra had said it would seek a partner with the financial muscle to help develop the field. It was the third oil find from eight oil blocks awarded in Venezuela's 1996 Third Round exploration licensing, when licenses valued at a total of $800 million were granted.

None of the fields has yet produced a commercially viable discovery. Four blocks will be handed back to state oil company Petroleos de Venezuela, or PDVSA, at the end of this year after disappointing drilling results.

Enron had originally held a 90 percent stake in the Gulf of Paria East field, with Inelectra holding only 10 percent. The U.S. company reduced its stake last year after disappointing well test results.

Inelectra has said it plans to invest $174 million in Venezuela between 2001 and 2003, including activites in gas exploration.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Bulk Carrier Trends

COSCO Delivers Bulker

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

NewLead Fixes Newcomer, "Newlead Castellano"

NewLead Holdings Ltd. announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".

Great Lakes Coal up More Than 12% in September

Lake Carriers’ Association reported that coal shipments on the Great Lakes totaled 3 million tons in September, an increase of more than 12 percent compared to a year ago.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1134 sec (9 req/sec)