CVP, Suelopetrol create JV Petrocabimas

Thursday, April 5, 2007

Venezuelan state oil company PDVSA's subsidiary CVP and local oil firm Suelopetrol have created a JV dubbed Petrocabimas that will operate the Cabimas field in Zulia state.

CVP and Suelopetrol control 60% and 40% of Petrocabimas respectively. This is the first 100% Venezuelan JV, Suelopetrol said in statement.

"As Suelopetrol is a company traded on the Caracas stock exchange, the public in general can participate as a shareholder," Suelopetrol president Henrique Rodríguez Guillén said.

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Cabimas produces 6,150b/d of 20.6 degree API crude, the statement said.