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Article Excerpt
PROJECT OVERVIEW
The local PETROLEOS DE VENEZUELA SA (PDVSA) recently approved a $41,000,000 exploration and production (E&P) budget for its oil and gas joint venture with Canada-based VINCCLER in Falcon state, western Venezuela. PDVSA is the majority partner in the venture with 60%, while VINCCLER, the wholly owned subsidiary of Canada's PETROFALCON holds the rest.
As things currently stand, the actual drilling part of the joint venture's E&P program for the year will start as soon as a rig becomes available. According to Clancy Cottman, VINCCLER Chief Financial Officer, his company is looking for a drilling rig now and hopes to start drilling before August 2006. Current production in the East and West Falcon blocks amounts to 1,250 barrels per...
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