Unit of Turkey's Can2 Termik to develop $400-million oil project in Venezuela (updated)

Can2 Termik

16/09/2026 15:26

Recasts throughout
Sept 16 (Reuters) - Florida-headquartered Denarius Holding Group, whose main shareholder is Turkey's energy firm Can2 Termik CANTE.IS, has reached a 20-year agreement to operate the Cema oilfield in Venezuela under a $400 million project, the company said in a release on Wednesday.
Foreign oil producers are migrating existing joint ventures and production sharing contracts in Venezuela as part of a sweeping energy reform, while new entrants are committing to development projects in the OPEC country encouraged by a Washington-supported $100 billion reconstruction plan for the industry.
Denarius' project involves a partnership with Minerosol Group for the oilfield, located in eastern Anzoategui state.
The project, which could develop as much as 100 million barrels of recoverable oil, is expected to support the rehabilitation of mature oilfield infrastructure, production optimization and well interventions, Denarius said in the release.
Cema is currently producing some 400 barrels per day (bpd) of crude. Denarius' target is to reach some 9,900 bpd through field rehabilitation. Venezuela's overall oil output is around 1.25 million bpd.
The U.S. regulatory framework for Venezuela provides the clarity needed for investors, said Zehra Zeynep Dereli, Denarius' Vice President, in the release.

 (Reporting by Marianna Parraga and Gdansk newsroom; Editing by Julia Symmes Cobb)
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