PHE expects additional 10,000 bopd from Venezuela

By Godang Sitompul

PT Pertamina Hulu Energi is targeting to add between 5,000 and 10,000 bopd of oil to its production from its participating interest in Venezuela by the end of the year.

President Director Salis Aprilian told petromindo.com that the company is finalizing an oil and gas block acquisition transaction in the country.

?For overseas operation, PHE will soon get a participation in a block in Venezuela. By the end of 2012, we could get 5,000 to 10,000 bopd of oil from there. This is our share (based on its participating interest) of the block production,? said Salis.

Separately, Director of Operation Edi Purnomo said a team will be leaving for Venezuela this afternoon for that purpose. ?Advanced negotiation will be made by Director of International Business who will lead a team to Venezuela this afternoon.?

Subject to approvals from respective shareholders, Harvest Natural Resources Inc said late in June that its wholly-owned subsidiary, HNR Energia BV, has signed a preliminary agreement with PT Pertamina for the sale of the former company?s interest in Venezuela. If approved, Pertamina will purchase Harvest?s 32 percent interest in Petrodelta SA by purchasing HNR Energia BV?s 80 percent interest in Harvest-Vinccler Dutch Holding BV.

Editing by Dadan Wijaksana