The European company Goldpillar, a 40% shareholder in the joint venture Vencupet SA together with the state-owned Petróleos de Venezuela (Pdvsa) , announced that it has all the technical, operational and administrative personnel to continue the execution of the investment plan, which in 2024 foresees the reactivation of 43 wells in the Caribbean nation, estimating to reach a production of approximately 3,500 barrels per day.
The joint venture operates in the Lido-Limón and Oficina fields, where in the first two months of 2024 it carried out two reactivations in the LZ-621 and NG-522 wells, both located in the Lido-Limón field, in eastern Venezuela. The current production of the two reactivated wells is 260 barrels per day.
The reactivation program will continue during the first quarter of 2024, with the commissioning of wells OG-271, OS-95, NZ-211, NS-803 and NS-806, located in the Oficina Central and Lido-Limon fields, all with the aim of reaching a gross production of approximately 1,000 barrels per day in the next two months.
At the beginning of February, the Venezuelan Petroleum Corporation (CVP) announced the signing of a joint venture between PDVSA and Goldpillar, with the aim of maximizing the value of hydrocarbons and generating new investment opportunities.
In 2023, the Goldpillar company expressed its intentions to invest in the joint venture company Vencupet, which has operations in the state of Anzoátegui. After talks, the investment firm demonstrated its capacity to finance the reactivation of 4 oil fields.
The agreement establishes that the Joint Venture’s crude oil production will be increased and that socio-economic activities will be promoted in the communities near Pdvsa Vencupet in the city of Tigre.
An investment of $640 million has been made in existing wells that only require routine maintenance and, in some cases, some extraordinary work. This will allow Goldpillar to produce barrels with immediate effect. The well activation program for 2024 will be intensive.
