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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

Bulk Carrier Trends

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

Shanghai 6th Best Shipping Center Globally

Shanghai has moved up the rankings of the world’s top shipping centers to sixth place, surpassing Dubai thanks to Free Trade Zone regulations and the Belt and Road Initiative,

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1637 sec (6 req/sec)