ConocoPhillips Approves Corocoro Development Plan

Friday, April 11, 2003
Conoco Venezuela C.A., a unit of ConocoPhillips, and its partners have received approval for Phase I of the development plan for the Corocoro field in Venezuela's Gulf of Paria West area. The approval was granted by the Control Committee, comprised of representatives of the Ministry of Energy and Mines, Petróleos de Venezuela, S.A. (PDVSA) and the partners. The total investment for the Corocoro Phase I development is estimated at $480 million over the next three years. The development is expected to achieve average annual oil production of 55,000 gross barrels per day, with a gravity of 24.5 degrees API, approximately two and a half years after development begins. Additional phases will be considered based on the success of Phase 1. ConocoPhillips was awarded the Gulf of Paria West block under a profit sharing agreement with the Venezuelan state during the first exploration bidding round (Apertura) in 1996. The Corocoro field was discovered in early 1999, and ConocoPhillips and its partners completed the evaluation program last year. According to the agreement, CVP (a subsidiary of PDVSA) has elected to acquire a 35 percent participating interest in the development. CVP’s election proportionately reduces the partners’ interests. ConocoPhillips will continue to be the operator of Corocoro on behalf of its partners: CVP, Eni and Opic Karimun Corporation.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction 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: 0.1552 sec (6 req/sec)