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

Offshore

6 MW Offshore Wind Turbine of Siemens Certified

Siemens Energy has obtained type certification of DNV GL for the company's innovative D6 offshore wind turbine. The model Siemens SWT-6.0-154 is equipped with a modern direct drive generator,

Turkey Approves EIA Report for South Stream’s Offshore Section

The Ministry of Environment and Urban Planning of Turkey approved the Environmental Impact Assessment (EIA) Report and issued a positive opinion of the EIA results

BW Offshore to Fully Own FPSO Petroleo Nautipa

Following to BW Offshore's announcement of 9 July 2014, BW Offshore has signed a sale and purchase agreement with Yinson to take 100% ownership of the FPSO Petroleo Nautipa,

Bulk Carrier Trends

China Issues New Rules on US DDG Imports

China's Import Inspection Authority, AQSIQ, is now requiring U.S. distiller's dried grains imports to be officially certified free of the MIR 162 GMO trait, the U.

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Sonar
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: 0.0987 sec (10 req/sec)