Qatar-based UCC Oil and Gas is negotiating to obtain exploitation rights for two onshore oil and gas fields in Venezuela, El Furrial and Jusepin, located in the northern part of Monagas State in eastern Venezuela, as the company seeks to expand its investments in the country’s energy sector.
Bloomberg reported, citing informed sources, that the Qatari company is focusing on the two fields and seeking to enter into a partnership with Venezuela’s state-owned oil company, PDVSA, to develop them and rehabilitate their infrastructure.
Fields Hold Significant Oil Reserves
The El Furrial and Jusepin fields are located in the Eastern Venezuelan Basin in Monagas State. They are known for producing high-quality light and medium crude compared with the heavy oil found in the Orinoco Belt.
According to estimates cited by Bloomberg, the fields in northern Monagas contain billions of barrels of oil. However, developing these resources will require substantial investment to rehabilitate wells, infrastructure, and production and injection systems.
The fields are operated by Venezuela’s state-owned oil company, which is seeking to attract foreign investment to modernize oil facilities and increase production amid the sector’s declining performance in recent years.
Qatari Investment to Develop Venezuela’s Oil Sector
According to the report, UCC Oil and Gas plans to make significant investments in rehabilitating wells and injection systems through a potential partnership with PDVSA.
The negotiations come as Venezuela’s oil sector opens up to greater participation by foreign companies, including Shell and BP, in efforts to revive production in Monagas State and other oil-producing regions.
UCC Oil and Gas Holding is the energy arm of Qatar-based UCC Holding, which operates under Power International Holding.
The company is working to expand its investment portfolio in Venezuela’s oil and gas sector through projects involving both offshore and onshore assets, as part of a broader strategy to strengthen its global presence in exploration and production activities.
