Turkish Firm Unit Signs Venezuela Oil Production Agreement
September 16, 2026
Çan2 Termik's subsidiary Minerosol Group has signed a 20-year operating and production agreement with Venezuela's PDVSA for the CEMA (Petrokariña) oil field, with a planned investment budget of $381.7 million over the contract period.
The agreement grants exclusive rights and includes the right to an additional 20-year extension subject to approval.
The CEMA field, located in Venezuela's Anzoátegui State, has remaining oil reserves of 104.2 million barrels and remaining gas reserves of 499.3 billion cubic feet, according to the disclosure.
Current production is about 400 barrels per day, with a medium- and long-term target of 9,865 bpd. The asset comprises 10 fields covering a total area of 162.4 square kilometers, with oil ranging from 10 to 59 degrees API.
Çan2 Termik has also become the majority shareholder of U.S.-incorporated Denarius Holding Group, which is the sole shareholder of Venezuela-based Minerosol Group. Minerosol will carry out the CEMA investment under the agreement with PDVSA.
The company had previously become a shareholder in Denarius Pumping Services LLC in 2024. It said the company has about 30 years of experience providing oilfield services in Venezuela and that its activities had been conducted under applicable U.S. sanctions regulations and OFAC authorizations.
Çan2 Termik said its board decided on April 3 and August 27 to postpone public disclosure of the agreements and related technical and legal developments to protect its interests and competitive position and comply with relevant government policies.
The company disclosed the agreements on September 16 after determining that the reasons for delaying publication no longer existed.
