Geoex MCG has announced the signature of a Memorandum of Understanding with The People’s Ministry of Petroleum of Venezuela (MPPP). The MoU’s objective is to support the country's strategy to open the offshore domain for the exploration of liquid and gaseous hydrocarbons and attract international investors.
The MoU is structured in 3 parts:
- Multiclient Project for 2D Regional Seismic,
- Reprocessing of 2D and 3D Historical Data and
- Geochemical Analysis
Venezuela is known to have the largest hydrocarbon reserves in the world and this project is designed to re-evaluate its offshore hydrocarbon potential.
Source: Geoex MCG