Nimir company, currently Hocol Venezuela, which operates two blocks in the eastern coast, is ready to double its production in Venezuela with investments from $ 100 to 200 million over the next five years.
This company, formerly with a dominant share by Arab investors, was recently acquired by Knightsbridge Investment Limited along with the Colombian company Hocol, and operates in Venezuela under the name Hocol Venezuela. The company operates the B2X 68/79 and B2X 70/80 blocks in the Maracaibo Lake, across Lagunillas, and has as the goal of its business plan to double its oil production from 8 Mbpd to 16 Mbpd.
Jos Fernando Montoya, Chairman and CEO of the company for the Americas said, "That plan will be presented to the Ministry of Mines and Energy the first semester of the year and if approved it will double the production program".
"If successful, we could at least double once more the production from 8.000 to 16.000 bpd, with investments in the range of $ 100-200 million over the next four or five years", pointed out Montoya.
Fifty million dollar have been already invested to double the current production from 8 Mbpd to 16 Mbpd in two mature fields discovered by Lagoven 30 years ago, said Montoya. Since 2000 Nimir operated these blocks, awarded in the Third Licensing Round in 1997, after the withdrawal of their former operator Penzoil.
Besides the operations performed by the company in the Maracaibo Lake, Hocol shows great interest in expanding business in offshore and onshore areas in Venezuela. The company expects for the results of "the licensing that the Government has announced for the gas blocks in the Venezuela Gulf".
Hocol is a Colombian consortium with nearly 50 years of oil operation in that country, where it has discovered oil reserves surpassing 600 million barrels. The Knightsbridge group produces and distributes chemical specialties in Dubai, Pakistan and Egypt.
Jos Fernando Montoya, President and CEO for the Americas and Giancarlo Ariza, Manager for Venezuela, said that our country has great business opportunities as well as the potential to develop sustainable projects with the communities, since the social responsibility has been the hallmark of the company in those countries where it operates.
Montoya and Ariza said that the group Knightsbridge, which owns Hocol, would continue successfully developing the current business model with the necessary resources to compete and grow in all its core businesses. "Thus, we can guarantee consistent results, an affective cost structure, enough financial resources and a responsible and ethical culture that will allow a sustainable growth in the hydrocarbon markets and in the business of chemical products distribution".
"We will continue actively assessing different options to effectively develop the reserves of the blocks. Additionally, in our operations we comply with high standards related to operations and social responsibility. We have the best human resources and we want to continue seeking business opportunities in the country. We are very confident about the future of Venezuela and we consider that it exists a great potential for us", said Jos Fernando Montoya.
The meeting with the media was held at the offices of the Venezuelan Hydrocarbons Association (AVHI), chaired by Tucker Link, Chairman of Knighstbridge and attended by Paul Kennady and Douglas Ellenor, members of the Board, the mentioned officers Montoya y Ariza and Ramiro Santa and Carlos Macellari. All of them are in Venezuela to inaugurate the new offices in Maracaibo and to look for new business opportunities in oil and gas.
"Our presence here confirms our commitment with Venezuela, PDVSA, employees, contractors and, obviously, with the neighboring communities", said Mr. Link. Since 1998 the company has invested more than U$ 50 million and produces 45.00 bpd in its combined operations in our country and in Colombia.
"Since our arrival to Venezuela, in 1997, we have invested in capital, technology, knowledge and expertise in the Andean region to create wealth and growth opportunities, all this as part of our goal to become the partner of choice in the country", said Mr. Ariza.
-Ends-
© Press Release 2006
