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ABOUT SPT

Company History

Established in 1984 to render services to the oil industry, Suelopetrol has become a certified international Oil & Gas Operator in five (5) countries and has been leading the Venezuelan Market in acquisition and processing of 2D & 3D seismic data.

Company History

1984 Suelopetrol was created as an oil service provider specialized in Seismic Acquisition and performed its first high range 3D seismic study in Venezuela.
1996 Suelopetrol became Venezuela’s leader in Seismic Data Acquisition.
1997 Suelopetrol became an oil operator in Venezuela partnering with Preussag Energie in the Cabimas field.
2002 Suelopetrol performed its first offshore seismic study.
2004 Suelopetrol acquired 100% participation of the consortium that operated the Cabimas Field being responsible for all activities of extraction, handling and delivery of hydrocarbons.
2005 In October 2005, under a new national strategy for the management of oil resources, Suelopetrol signed a Letter of Intent with the "Corporación Venezolana del Petróleo" (CVP) in order to migrate from the "Operative Agreement" to a 60/40 "Mixed Enterprise" between CVP & Suelopetol; process completed in April 2006. As a consequence of this transaction, Suelopetrol today holds a 40% share interest in the company "Petrocabimas" and gained full responsibility of the Field’s operations.
2007 Suelopetrol participated with 20,5% in the MPG consortium operating in Northern Mexico, and acquires a 15% interest in the Hardin Field (Texas, U.S.).

Suelopetrol was the only Venezuelan company invited to the Orinoco Belt Project Bid, and gained a 1% participation in the Carabobo Project # 3 in a consortium with Chevron, Mitsubishi and Inpex.
2008 Suelopetrol became operator in Pucuna & Singue Fields (Ecuador).
2010 Suelopetrol was one of 32 operators that qualified to compete in the Colombia Open Round 2010. In that contest, Suelopetrol was awarded Block LLA-61. Exploration activities started in March 2011.
2011 President Correa modified E&P contracts and migrated to Fee per barrel based operation services contracts. All existing E&P contracts with IOCs contracts were either terminated or migrated to new services contract format. Both of Suelopetrol contracts were subjected to resolution.
2012 Suelopetrol was of the 53 operators that qualified and competed in the Colombia Round 2012, divested Mexican assets from portfolio and Kick started the company’s restructuring Process.
2013 The National Assembly published the Official Gazette of the Bolivarian Republic of Venezuela, No. 40.127 approving the proposal of Petrocabimas for developing, in addition to the Cabimas Field, the fields of Tia Juana, Cabimas South and East 2 with an extension of the operating contract of 25 years from its signing date.
2014 Suelopetrol exits the Venezuelan equities Stock exchange in order to access International Capital Markets.