Ypergas
Profalca
Gulf of Paria East
Maúlpa
Ypergas
Exploration and exploitation licenses
Ypergas
Inepetrol, together with Total, Repsol and Otepi, obtained in an international tender in 2001 the Gas License to operate, produce and commercialize methane gas from the Yucal Norte and Yucal Sur fields in eastern Venezuela, operated through its company Ypergas S.A. 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%. The investments were focused on optimizing the gas handling capacity of the facilities and its delivery to PDVSA within the required specifications. The total investment in this project was 410 million dollars
The reserves of the Yucal Placer field, estimated at 2.1 million cubic feet of dry gas (TCF), a base figure considered for the field’s production planning and development, allow production to increase 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.
In 2024, Inepetrol and its partners sold their stake in Ypergas and the Gas License to the Fintec Investment Fund.
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 PDVSA, Koch Industries, Inversiones Polar and Inepetrol. This production is placed through “take-or-pay” contracts in Venezuela, Colombia, northwestern Europe and the Gulf Coast of Mexico, in the United States.
PROFALCA represented an initial investment of US$104 million, which received a partial contribution of US$47 million through a syndicate of banks led by the International Finance Corporation (IFC), to reach its 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.
In 2008, Inepetrol sold its stake to Grupo Zuliano.
Gulf of Paria East
Eastern Gulf Association Agreement
Paria
In 1996, as part of the Oil Opening policy, Inepetrol, together with Enron Corporation, secured participation in the Gulf of Paria East Association Agreement through an international bidding process. Later, in 2000, Inepetrol acquired 100% ownership of this asset.
During the exploratory phase in the Gulf of Paria East, Inepetrol confirmed the extension of hydrocarbon accumulations in what are now known as the Posa, Posa Norte, and Punta Sur fields, as well as the discovery of heavy crude in the Delfin field, with estimated POES ranging between 500 and 1,300 MMB. Extensive 2D and 3D seismic surveys were also conducted during this phase, revealing other prospects and showing the extension of the Corocoro reservoir discovered by ConocoPhillips in the adjacent area. In this way, Inepetrol promoted the development of the Corocoro field during the exploratory phase, leading to what is now known as the Petrosucre joint venture.
The investment made during this phase amounted to USD 57.3 million for the Posa and Posa Norte fields and USD 106.4 million for the Punta Sur field and the Delfin discovery.
For the development of Posa and Posa Norte, Inepetrol reached an agreement with Sinopec International Petroleum and Production Corporation to create the Petrolera Paria joint venture in 2007, together with PDVSA, Inepetrol, and Sinopec. A negotiation is currently underway with Sinopec to acquire its stake in partnership with AMOS Energy Group, for the development of the field.
Maúlpa
Third Round of Operating Agreements
Maúlpa
The Kaki and Maúlpa fields were awarded to Inepetrol in 1997 as part of the Third Round of Operating Agreements in Venezuela, in partnership with ARCO (Atlantic Richfield Company) and Inversiones Polar. Later, in 2001, ARCO—acquired by BP in 2000—decided to withdraw from its investments in Venezuela and sold its stake to Inepetrol and Polar, leaving Inepetrol, through its company Inemaka S.A., as the operator of both fields.
An investment program was launched to incorporate these additional reserves, and three development wells, one appraisal well, and one gas injection well were drilled. By 2006, average production reached 1,800 b/d in the Kaki field and 2,200 b/d in the Maúlpa field. In 2005, by decision of the National Executive, a migration process began to convert the Operating Agreements into mixed enterprises in accordance with the Organic Hydrocarbons Law. As part of the negotiations, the Maúlpa field was returned to PDVSA. The total investment for the development of the Kaki and Maúlpa fields amounted to USD 165 million.
On January 29, 2007, all operations previously conducted under the Operating Agreement were transferred to the mixed enterprise Petrolera Kaki. Inepetrol holds a 22.67% interest in the company. The incorporation of additional activities into the Development Plan was approved, including the production and sale of natural gas liquids (NGLs) to PDVSA, resulting in the addition of estimated reserves of 6.8 million barrels of NGLs and 4.6 million barrels of crude oil.