November
11, 2004
Sinopec in talks to
develop Venezuela oil field
(Dow Jones) - "China Petroleum
& Chemical Corp (SNP), or Sinopec
Corp., is currently in talks with Venezuelan
oil firm Ineparia to develop an offshore
oil field in the east of the country,
a source familiar with the talks said.
IneParia, a division of Venezuelan oil
firm Inelectra, holds has the rights to
develop the Posa field that borders on
Trinidad and Tobago, off the coast of
Venezuela's Paria peninsula.
Deputy Oil Minister Luis Vierma said earlier
this month that Ineparia was in talks
with a Chinese oil company to jointly
develop a field in the area, but didn't
specify which company (…)
The source said the project is separate
from another exploration block in the
area, known as Paria East, which is operated
by Conoco Phillips, ENI SPA with 30%,
IneParia, and OPIC Karimun Corporation,
an affiliate of Taiwan's Chinese Petroleum
Corporation (…)
State oil company Petróleos de
Venezuela expects foreign oil companies
to invest close to $10 billion from 2004
to 2009 to help nearly double oil production
to 5 million barrels a day (...)".
