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

People & Company News

MNZ Opens New Office in Port Taranaki

Maritime New Zealand (MNZ) informs that for the first time in 5 years it has a permanent presence in New Plymouth on the opening of a new office at Port Taranaki

NSRP Risk Management Panel and SCA Joint Meeting

The National Shipbuilding Research Program (NSRP) Risk Management Panel will be meeting jointly with the Shipbuilders Council of America (SCA) November 5-6, 2014 in Virginia Beach, Va.

WEG to Showcase Drive Solutions at SMM

WEG, a global supplier of drive systems, will showcase its range of systems for the shipbuilding and offshore industry at this year’s SMM (Shipbuilding, Machinery & Marine Technology Fair) in Hamburg.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
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: 0.1144 sec (9 req/sec)