Qatari company UCC Oil and Gas and UAE-based XRG are exploring the possibility of entering into oil and gas exploration projects in Venezuela after establishing an alliance with BP, which already has a license to exploit more than four trillion cubic feet of gas in the Loran field.
Erik Keskula, the executive director of Exploration and Production at Qatar's UCC Oil and Gas Holding, reportedly expressed this possibility after finalizing the partnership that would allow participation in projects based on existing licenses.
The gas supply program would be aimed at replenishing raw materials for Trinidad and Tobago's industry, which includes the Atlantic liquefaction plant, operated by BP and Shell.
Meanwhile, Felipe Bayón, CEO of the Colombian energy company GeoPark, announced that the company plans to invest $7.000 billion in the Venezuelan oil field Bare, with the aim of increasing oil production.
In that regard, he explained that he expects to increase crude oil production to about 90.000 barrels per day (bpd) by 2038, compared to the 11.000 bpd currently being produced.
He commented that operations at the Bare field, located in the Orinoco Oil Belt in Anzoátegui state, are scheduled to begin in December of this year. He emphasized that this “is a very significant investment” in terms of capital to restore production at that oil well.
He also said that the inventory and installed infrastructure are expected to allow for a four-phase remodeling project.
