Çan2 Termik Secures 20-Year Oil Production Deal with Venezuela's PDVSA
Turkish firm Çan2 Termik has taken on a major role in Venezuela's oil production through its subsidiary Minerosol Group. The company signed a 20-year operating and production agreement with state-owned PDVSA for the CEMA (Petrokariña) oil field, which includes an investment budget of $381.7 million over the contract period.
The agreement grants exclusive rights to Çan2 Termik and allows for an additional 20-year extension subject to approval from relevant authorities. The CEMA field has remaining oil reserves of 104.2 million barrels and gas reserves of 499.3 billion cubic feet, with current production levels at around 400 barrels per day.
Çan2 Termik aims to increase production to 9,865 barrels per day in the medium- and long-term, covering a total area of 162.4 square kilometers across 10 fields with varying oil API grades. The company has also become the majority shareholder of Denarius Holding Group, which is the sole owner of Minerosol Group.
Çan2 Termik stated that it had previously acquired shares in Denarius Pumping Services LLC in 2024 and that its activities have been conducted under applicable U.S. sanctions regulations and OFAC authorizations. The company delayed public disclosure of the agreements until September 16, citing a desire to protect its interests and comply with relevant government policies.