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Joint Venture Petrolera Güiria

Venezuela created the Petrolera Güiria joint venture in 2007 to develop the Corocoro and Punta Sur oil fields in the Gulf of Paria

Joint Venture Petrolera Güiria

Beginning in 2007, as part of the migration and conversion process to the mixed enterprise model established by the current Organic Law on Liquid Hydrocarbons, the Ministry of People’s Power for Petroleum and the National Assembly of Venezuela approved the creation of the mixed enterprise Petrolera Güiria, with the participation of the Venezuelan Petroleum Corporation (CVP) holding 60%, ENI with 23.75%, and Ine Oil & Gas (Inepetrol) with 16.25%.

The Corocoro reservoir, discovered in the western Gulf of Paria by ConocoPhillips, has an estimated oil reserve volume of 400 million barrels and extends into the eastern Gulf of Paria, leading to the unification of both areas. The joint development of the Corocoro and Punta Sur fields would achieve a sustained production level of approximately 120,000 barrels per day, with the construction of central wellhead platforms connected to the existing infrastructure of the mixed enterprise Petrosucre.

The current development plan for Punta Sur includes technical studies, seismic reprocessing, and the recompletion and extended testing of wells Punta Sur-1X and Punta Sur-2X. The goal is to confirm an estimated original oil-in-place volume of 161 million barrels for the Las Piedras formation and between 58 and 174 million barrels for the Pedernales member of the La Pica formation. An agreement has been reached with AMOS Energy Group for the development of the field.
Oil and Gas
The estimated volume of original oil in place (POES) is 161 million barrels for the Las Piedras reservoirs and 58 to 174 million barrels for the Pedernales reservoirs, a member of the La Pica formation.
Joint Venture
The joint development of the Corocoro and Punta Sur fields would achieve a sustained production level of about 120,000 barrels per day.
Development Plan
The planned infrastructure includes the construction of central well platforms that will connect with the existing infrastructure in the Corocoro field of the Petrosucre joint venture.
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