PDVSA subscribes quittance agreement with Total and BP for their participations in the Jusepín Field

abarrelfullabarrelfull wrote on 07 Aug 2012 14:09
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05-03-2007

PDVSA, through it subsidiary, Corporación Venezolana del Petróleo (CVP), subscribed and agreement with the companies Total Oil and Gas and BP Venezuela Holdings, to terminate all rights, shares or claims of the foreign oil companies with the extinct Operating Agreement corresponding to Jusepín Field in the State of Monagas. In this manner, PDVSA will cancel what corresponds to the foreign companies: (55%) Total and (45%) BP, in relation to their respective participations in the Jusepín Consortium.

It is thus expressly agreed that the quittance effectuated in accordance with this agreement will impede that these operating companies introduce appeals or any other claim related to the Operating Agreement, the Transition Agreement or the migration process to Mixed Enterprises for the Jusepín Field, initiated by PDVSA, Corporación Venezolana del Petróleo (CVP), or any other subsidiary of PDVSA.

It is important to note that on December 19, 2005, the parts subscribed a Transition Agreement with the purpose of negotiating the terms for the conversion into a Mixed Enterprise which would have the object of carrying out initial activities of exploration in search of hydrocarbon fields, their extraction in their natural state, as well as their recollection, transportation and storage, according to Article 9 of the Organic Law for Hydrocarbons


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