Çan2 Termik's Minerosol Signs 20-Year CEMA Oil Field Deal with PDVSA

Turkish firm Çan2 Termik's subsidiary Minerosol Group has signed a 20-year operating and production agreement with Venezuela's PDVSA for the CEMA oil field, investing $381.7 million over the contract period.

The agreement grants exclusive rights to Minerosol, including the right to an additional 20-year extension subject to approval.

Located in Anzoátegui State, the CEMA field has remaining oil reserves of 104.2 million barrels and gas reserves of 499.3 billion cubic feet, with a current production of about 400 barrels per day aiming for 9,865 bpd by medium- and long-term targets.