Ypergas
Profalca
Gulf of Paria East
Maúlpa
Ypergas
Exploration and exploitation licenses
Ypergas
During fiscal year 2006, production was about 105 million cubic feet per day (MMCFD), with an average delivery to PDVSA of 90 million PCD with a CO2 content of 8.5%. Investments in the last year have focused on optimizing the gas handling capacity of the facilities and their delivery to PDVSA within the required specifications.
The reserves of the Yucal Placer field, estimated at 2.1 million cubic feet of dry gas, a base figure considered for the production planning and development of the field, will increase production to more than 300 million PCD in its commercial phase. To this end, at the end of 2006, the pre-project of Phase 300 was completed, which includes the basic engineering and updating of the cost estimate of this project.
Profalca
Propane-Propylene Separator Plant
Profalca
In 1999, adjacent to the Paraguaná Refining Complex, Propylene de Falcón C.A. PROFALCA was put into commercial operation, which produces 132,000 tons per year of polymer-grade propylene, the result of the joint effort of its shareholders PROESCA-PDVSA, Koch Industries, Inversiones Polar and Inepetrol. This production is placed through two “take-or-pay” contracts in Venezuela, Colombia, northwestern Europe and the Gulf Coast of Mexico, in the United States.
PROFALCA presented an initial investment of US$104 million, which received a partial contribution of US$47 million through the International Finance Corporation (IFC), to reach financial completion in January 2003.
In 2006, production reached 123,000 MT and record sales since the beginning of PROFALCA’s operations, which reached 125,000 MT.
Gulf of Paria East
Eastern Gulf Association Agreement
Paria
In 1996, Inepetrol achieved its initial participation in the East Gulf Association Agreement, and subsequently, in 2000, the company acquired 100% of the interest in this asset. During the exploratory phase in the Gulf of Paria Este, Inepetrol verified the extent of hydrocarbon accumulations in what is now known as the Posa and Punta Sur fields. Extensive 2D and 3D seismic surveys were also carried out in this phase, revealing other prospects and showing the extent of the Corocoro deposit discovered by Conocophillips in the adjacent area. In this way, Inepetrol promoted the development of the Corocoro field in the exploratory phase with what is now known as the Petrosucre joint venture.
For the development of Posa, Inepetrol reached an agreement with Sinopec International Petroleum and Production Corporation, for the creation in 2007 of the joint venture Petrolera Paria.
Maúlpa
Third Round of Operating Agreements
Maúlpa
The Kaki and Maúlpa fields were awarded to Inepetrol in 1997 under the Third Round of Operating Agreements. In 2005, by decision of the National Executive and through a negotiation plan, a migration process began to convert these agreements into joint ventures in accordance with the Organic Law on Hydrocarbons. As part of the negotiations, the Maúlpa field was returned to PDVSA.
On January 29, 2007, all the operations carried out within the framework of the Operating Agreement were transferred to the joint venture Petrolera Khaki. Within this process, the incorporation of additional activities in the Development Plan to be executed in the field was approved, such as the production and sale of natural gas liquids to PDVSA, which translates into the incorporation of additional reserves estimated at 7,000,000 barrels.
During the year, the necessary investment program for the incorporation of these additional reserves was initiated and 3 development wells, 1 advance well and 1 gas injection well were drilled, reaching an average production for the year 2006 of 1000 b/d in the Kaki field.
The fields contain light crude oil of more than 40° API and natural gas with high richness.