Denarius Holding Group has announced a long-term investment in the development of Venezuela’s CEMA oilfield. The plan calls for an initial investment of approximately USD 400 million and recoverable reserves of approximately 100 million barrels, with production targeted to increase from the current level of approximately 400 barrels per day to as much as approximately 9,870 barrels per day.
Denarius Holding Group Inc., a company established in the United States and headquartered in Florida, announced on 16 September that it had entered into an agreement for the long-term development of the CEMA oilfield in Anzoátegui State, Venezuela. The contract will be implemented as a major partnership under a hydrocarbon production participation agreement with PDVSA through Minerosol Group C.A.
The project is intended to restore the oilfield’s aging infrastructure and improve production. It will proceed in compliance with international standards, including well interventions and the application of operational, environmental and safety standards. The total contract period is 20 years, with an extension option included.
The development plan calls for phased investment of approximately USD 400 million over the initial approximately 20-year period, with the aim of increasing current production of approximately 400 barrels per day to approximately 9,870 barrels per day. Recoverable reserves are estimated at approximately 100 million barrels.
Denarius Vice President Zehra Zeynep Dereli said that private-sector involvement through a US corporate entity, adhering to US operating standards and compliance requirements, would support the sustainable growth of Venezuela’s energy industry.
The company emphasized that the project would be aligned with US laws and regulations following legal, commercial and compliance reviews. Further details of the scope of work are expected to be disclosed in a timely manner in accordance with applicable obligations and regulatory requirements.