The mixed enterprise Petrolera Kaki S.A., established in 2007 as part of the migration process of the operating agreements, is the operator of the Kaki, Bucaral, Santa Fe, and Cantaura oil fields. These fields were discovered in 1953 by Mene Grande Oil Company and in 1958 by Socony Vacuum Oil Company, respectively. The fields were managed and exploited separately until the nationalization of the oil industry in 1976, when PDVSA’s subsidiaries operated both fields as a single area known as Kaki.

In 1997, during the Third Round of Operating Agreements, the consortium formed by Arco, Inelectra, and Polar won the bid to operate the Kaki and Maulpa fields, and the company Inemaka, S.A. (Inepetrol) was established as the operator. In 2001, Arco withdrew and Inemaka assumed its stake. Between 1997 and 2005, the partners of the Operating Agreement made the necessary investments to develop the Kaki, Bucaral, Santa Fe, and Cantaura fields. The total investment amounted to US $162.34 million, which included: 3D seismic, 22 wells (BUV-13 to BUV-28, KG-18 to KG-21, KM-8 and KM-9), the KTM-2 production manifold, the BEF-1 and KEF-3 flow stations, and the Kaki compressor plant. “The total investment amounted to 162.34 million dollars.