Offshore staff
CARACAS, Venezuela –A farm-in agreement on Cardon IV block in the Gulf of Venezuela was signed by Repsol YPF and Vinccler Oil and Gas. If approved, the agreement would result in Vinccler acquiring a 25% working interest from Repsol. Repsol would retain 25%, Eni SpA would hold 50%, and Petroleos de Venezuela SA retains the right to acquire up to 35% if the natural gas project proves commercial.
The acquisition of 700 sq km (270 sq mi) of 3D seismic data over Cardon IV was completed in February 2007. The data is being interpreted, and a drilling decision for an exploration well is expected in mid-2008, with a likely spud date in early 2009. A jackup rig is being secured with a multi-operator group from adjoining blocks in the Gulf of Venezuela. If successful, first commercial production of natural gas is expected in 2011.
03/14/2008
