Major investment by ODAŞ partner for the CEMA Oil Field in Venezuela
A 20-year agreement worth $381.7 million has been signed to operate the CEMA Oil Field in Venezuela.
The main partner of Çan2 Termik A.Ş., one of ODAŞ's group companies, has signed a 20-year investment contract worth $381.7 million for the operation and production of the CEMA Oil Field located in Venezuela.
Details of the Investment and Parties
According to the official statement made to the Public Disclosure Platform (KAP), the agreement in question was concluded between Minerosol Group C.A. and the Venezuelan state oil company PDVSA.
Field Characteristics and Reserves
Located within the borders of Anzoategui State in Venezuela, the CEMA Oil Field spans a vast area of 162.4 square kilometers and consists of a total of ten fields.
The existing field holds 104.2 million barrels of remaining oil reserves with an API gravity ranging from 10 to 59 degrees, along with 499.3 billion cubic feet of natural gas reserves.
Production and Infrastructure Targets
While this brownfield site already features significant infrastructure and well investments, the planned budget aims to further increase this capacity.
With the investments to be implemented over the 20-year period, it is aimed to improve the existing infrastructure and accelerate production activities in the field.