Sitio Web de Suelopetrol

The beginnings

Suelopetrol was constituted on January 26th, 1984 by a group of Venezuelan investors who understood the country´s demand for specialized seismic services to support the expansion of the local Oil Industry.

That same year, Lagoven (one of the original PDVSA subsidiaries) awarded Suelopetrol a contract to perform a seismic study in Northern Monagas which combined, for the first time in the country's history, explosives and high power vibrators on buggies as an energy resource to perform Seismic Studies.

From that moment a successful story sparkled in the Seismic arena, characterized by the comprehensive use of technology, study methodology and the ability to record high quality data under extremely difficult geographic conditions.

Our first experience in complex areas was in the Delta del Orinoco swamps where Suelopetrol recorded 4,120 km of 2D data. Every seismic survey executed for the Venezuelan Oil Industry helped Suelopetrol to differentiate itself from its competitors, due to knowledge of local culture, land, regulations and idiosyncrasy.

Consolidation

With the clear objective of becoming the leading company in Seismic Data Acquisition, Suelopetrol launched its Technical Support Center (TSC) in 1996, with highly specialized personnel to monitor the quality of the seismic crews operations in different areas. Through time and experience, the TSC became Suelopetrol’s training center for geology and geophysics.

Set on solid bases and in order to continue its development, Suelopetrol registered its stock in the Caracas Stock Exchange in 1997; investors greatly welcomed this initiative as Suelopetrol became the first company in the oil industry to participate in the local ring.

Also, in 1997 Suelopetrol associated with the German company Deutag Drilling International and started operations for workovers and drilling of oil wells in the Cabimas Oilfield in Zulia State.

During the Third Round of Operative Agreements held in Venezuela in 1998, Suelopetrol associated with Preussag Energie GMBH to exploit and explore the Cabimas Field.

In 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.

In October 2005, under a the new national strategy for the management of oil resources, Suelopetrol signed a Letter of Intent with the "Corporacion Venezolana de Petroleo" (CVP) [a State owned Venezuelan Oil Corporation] in order to migrate the "Operative Agreement" to a 60/40 "Mixed Enterprise" between Suelopetol & CVP;  process completed in April 2006. As a consequence of this transaction, Suelopetrol today holds a 40% share interest in the company "PetroCabimas" and has the responsibility of the operation of the Field.

Expansion

Now that the transformation from "Service Company" to "Integrated Oil Operator" has been fully executed, Suelopetrol has maintained its national leadership and extended its operations towards other Latin American countries, where its experience and technology can be harnessed as a competitive advantage.

This expansion started in Putumayo, Colombia where project ACAE 3D (220 km2) was executed in 1999 and continued as Suelopetrol successfully executed the project "Merced 3D" in the Pirineos Block in Mexico with an extension of 215 km². Suelopetrol’s commitment with the environment, personnel safety and quality, lead the company to obtain the ISO 9000-2000 Certification by "Fondonorma" in 2006 for the  activities of “Perforation services, rehabilitation, operations and production fields of hydrocarbons”.

In 2007 Suelopetrol S.A.C.A particpates with 20,5% in the MPG consortium operating in Northern Mexico, and acquires a 15% interest in the Hardin Field (Texas, U.S.).  Later, in 2008, Suelopetrol E&P wins a bid for 2 oil fields in Ecuador, which currently continues to operate.  Suelopetrol advances its methodologies and processes to obtain quality certifications in Health, Safety and Environment, which are key areas of interest for the company.