Beginning in 2007, under instructions from the National Executive of the Bolivarian Republic of Venezuela, the migration and conversion to the mixed enterprise model began, as established by the current Organic Law on Liquid Hydrocarbons. Within this framework, the Ministry of People’s Power for Petroleum and the National Assembly of Venezuela approved the creation of the mixed enterprise Petrolera Paria, with the participation of the Venezuelan Petroleum Corporation (CVP) holding 60%, Sinopec 32%, and Ine Oil & Gas (Inepetrol) 8%.

The volume of proven recoverable reserves in the area is estimated at 75 million barrels of oil, according to geological, geophysical, and reservoir studies conducted by Inepetrol. This figure could increase by an additional 18 million barrels of oil through the implementation of a water injection project included in the field’s development plan. Furthermore, an additional 22 million barrels are estimated by incorporating the reserves of the North Block as proven. The development plan includes two phases, with a total of 36 offshore wells to be drilled, aiming for an estimated production of 22,000 barrels of crude oil per day, with an average gravity of 16–20° API. An agreement has been reached for the acquisition of Sinopec’s stake, in partnership with AMOS Energy Group, to jointly develop the field.