Turkish Firm to Partner in Oil Exploration Project in Venezuela

SEATTLE (Oil Monster): Can2 Thermal- a subsidiary of the Turkish energy and mining firm Odas Enerji will partner with a company named Multiservicios Tomlam CA towards extraction of oil in Venezuela. This is in accordance with a statement issued to the Public Disclosure Platform (KAP).

According to Can2 Thermal, the parent company has obtained necessary permission from Venezuelan authorities. These permits will be transferred to Can2 Terminal over the next two months. The subsidiary company will hold over 60% share in Multiservicios Tomlam CA before the end of May next year.

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Can2 Terminal will provide an initial funding of $6 million to the company. It will decide on additional investments after taking into consideration the operating revenues generated from the project, once it becomes operational.

The company will carry out production activities on behalf of the state-run Venezuelan State Oil and Natural Gas Company (PDVSA). The oil block comprises of four fields with a total of 171 wells. The field is estimated to contain approximately 593 million barrels of light and medium crude oil.

PDVSA has been in contact with customers following temporary lifting of U.S. sanctions for producing, selling and exporting oil to chosen markets.