Total begins new development phase of Yucal Placer gas field in Venezuela
PARIS - Total and its partners, Repsol, Inepetrol and Otepi, announced that they have made the final investment decision for a new development phase of Yucal Placer gas field, operated by Ypergas in Guárico State, Venezuela.
The field first went onstream in 2004. Its production capacity will be raised later this year, ultimately reaching a plateau at around 300 MMcfgd, which is equal to three times current output.
The sanctioning of this major expansion project follows the signing of an addendum to the gas sales and purchase agreement between Ypergas and PDVSA Gas. The project will significantly increase the gas resources available to supply the domestic Venezuelan market, which is experiencing strong growth.
Yucal Placer’s gas characteristics - high-CO2 content and high-temperatures - require specific technological expertise in sour gas and high-temperature deposits, which Total has developed and consolidated.
Total Exploration & Production in Venezuela
Total’s Venezuelan production averaged 54,000 boed in 2011.
Total has a 69.5% interest in the Yucal Placer Norte and Yucal Placer Sur licenses, held directly through its affiliate, Total Oil & Gas Venezuela, and indirectly via its interest in the operating company, Ypergas.
Total is also present in extra-heavy oil deposits of the Orinoco Belt, with a 30.3% stake in Petrocedeño, a mixed company under Venezuelan law.
With this new project, Total confirms its commitment to expanding its operations in Venezuela and contributing, as a partner of PDVSA, to the country’s economic development.