As a result of the opening of Venezuelan oil producing operations to direct outside investment, VINCCLER, C.A. has entered this business with a view to availing itself of the opportunities offered in the short and medium term by the industry’s development plans.

Benton Oil & Gas Co. and VINCCLER, C.A. were among the first companies to make winning bids for the oil fields tendered under Petróleos de Venezuela’s field reactivation program. The pertinent operating agreement contract covers fields located in eastern Venezuela.

Since 1992 the BENTON/VINCCLER partnership carries out exploration and production operations in the Uracoa, Bombal and Tucupita fields of the Monagas Sur unit. In 1996 Pennzoil Corporation of Pennsylvania and VINCCLER, C.A. signed a 20-year agreement with PDVSA to reactivate the Cumarebo and La Vela fields of the Falcón Este unit in western Venezuela.