Petropars International Affairs and Business Development Department strives extend company activities and projects in international areas, Following a successful presence and constructive cooperation with PDVSA in Venezuela, Petropars which in striving to become an international Oil & Gas company, focused on establishing achievable and realistic objectives to further increase and expand its international activities, in order to be successful and tap into international markets, a great deal of efforts is dedicated into researching global resources, capabilities and policies, while formulating unified strategies and a clear vision.
The International Affairs and business Development Department is widely involved in identifying and defining feasible International projects for Petropars, currently, the Venezuela project is processing successfully and Cabinda North Block in Angola is under exploration activities and progressing. Besides, exploring the new business opportunities are in agenda.
Establishing international bases and offices aboard to expand activities in countries where there are business opportunities for the company is a high priority, the general plan is to incorporate the company corporate office in Latin America, Africa and Central Asia, for serving as a hub for business management in this regions, setting up international bases and offices for Petropars enables international activities to be controlled directly within these regions while establishing a strong presence and allowing dedicated local resource as social development activities for the country where the business is being run.
The success of the Venezuela project at the first international experience for Petropars is paving the path for global involvement in the future, the International Affairs and Business Department is inspired to advice Petropars in achieving this goal and assists the company to become international Oil & Gas Company.
Latin America
Following agreement between governments of Islamic Republic of Iran and Bolivarian Republic of Venezuela regarding increase of the level of bilateral cooperation and commercial relations the following agreements were signed between Petropars Ltd. and Petróleos de Venezuela, S.A.
Such cooperation focuses on the following specific areas:
1. Ayacucho block 7: quantification studies of reservoir and possible investment for development and operation of field in case commercially feasible.
2. Dobokubi block: Joint studies for evaluation of the field with the purpose of incorporation of a mixed company for development and operation
3. Ayacucho blocks 1 & 2: Reservoir quantification studies
4. Ayacucho blocks 3 & 4: Reservoir quantification studies
5. North of Paria: Management and engineering services.
Orinoco Oil Belt
Faja area (Orinoco Oil Belt) in south east Venezuela has an extension of about 55000 km2. At the moment about 11000 km2 is under exploitation activities with participation of international oil companies worldwide. The area has been divided to 4 areas: "BOYACÁ", "JUNIN", "AYACUCHO" and "CARABOBO" and into 27 blocks.
Ayacucho Block 7 Quantification & Certification studies:
Agreement for Quantification studies of block 7 of “Ayacucho” located in the Orinoco Oil belt was signed between PPL and PDVSA on the 2nd of December 2005, all activities related to Quantification and Certification and Joint Study of Ayacucho-7 were concluded and successfully completed in March 2008.
Since Ayacucho-7 Reserve does not justify investment in building Upgrader facilities for producing synthetic crude oil (SCO), it is planned to attach additional area so as to reach a production of 200Mbbl/d. In case the development of Ayacucho-7 is realized economically feasible, the Mixed Company between PPL and CVP for development and operation will be incorporated.
Dobokubi (Extra Heavy Oil Field)
PPL and CVP signed an agreement for evaluation studies of Dobukobi
field located in Orinoco Oil belt. The study started in early May 2009 and alll activities related to reservoir evaluation and development plan for increasing production were successfully completed in October 2009. Following study of viability of development of Dobokubi block leading to incorporation of nominated Mixed Company by both parties, negotiation upon different aspects of this business is underway and it is forecasted that all activities related to this business be concluded in 2010. In case the development of Dobokubi is realized economically feasible, PPL and CVP will incorporate a Mixed Company for development and operation purposes.
Ayacucho Blocks 1 & 2
PPL and CVP signed an agreement for quantification activities of Ayacucho blocks 1 & 2. The project started in early August 2006 and was completed according to the schedule in early 2007.
Ayacucho Blocks 3 & 4
An agreement was also signed by PPL and CVP for quantification of the reservoirs existing in Ayacucho blocks 3,4 on 13 January 2007. Studies started in May 2007 and according to the schedule were completed in February 2008.
North of Paria, Mariscal Sucre
PPL is providing management and technical services to CVP for the North of Paria offshore development project. Experts from PPL have been seconded to project organization for provision of management and technical services in development of the North Paria offshore field as per project management request.
Africa
Angola
Cabinda North
Participation for 10% working interest in the Production Sharing Agreement "PSA" for "Cabinda North" Block located in Cabinda province in Angola was signed between PPL and Sonangol on 21st of May 2009. The block is under exploration with quantified oil plays and leads within pre-salt hydrocarbon system. Ongoing Exploration and Development activities are underway by Sonangol P&P as operator and it is planned to end by June 2012.
VENIROGC (Joint International Oil & Gas Company)
Venezuela / Iran Oil and Gas Company has been incorporated between PPL and CVP for the purpose of joint business activities in value chain of oil & gas in Latin America, Africa and Central Asia, etc