In 2007, during the migration process to mixed companies promoted by the National Executive of Venezuela, Petrolera Paria was created. The company has the participation of the Venezuelan Petroleum Corporation (CVP) with 60%, Sinopec with 32%, and Ine Oil & Gas (Inepetrol) with 8%.

Geological, geophysical, and reservoir studies carried out by Inepetrol indicate that the area has 75 million barrels of oil in proven recoverable reserves. This volume could increase by an additional 40 million barrels with the incorporation of reserves from the Posa Norte block and the implementation of a water injection project.

The development plan includes drilling 36 offshore wells, with an estimated production of 22,000 barrels per day of crude oil with an API gravity of 16-20°.