Amos Global inks SPA to buy Sinopec's Gulf of Paria (PetroParia) interest in Venezuela

HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 16.Feb.2025, Words: 369) — Houston-based Amos Global Energy Management LLC (AGE) entered into a Sale and Purchase Agreement (SPA) with Sinopec for the Chinese company’s crude oil and natural gas interests in the Gulf of Paria area offshore Venezuela.

The interests have a production potential of around 36,000 barrels per day (b/d), AGE president and CEO Ali Moshiri told Energy Analytics Institute (EAI) on 16 Feb. 2025. Capital expenditures are estimated at around $650mn, Moshiri said.

And, the interests have estimated resources of between 80-100 million barrels (MMbbls), according to Moshiri, who was previously president of Chevron Africa and Latin America Exploration and Production Company before founding AGE in 2019.

Venezuela continues under the weight of US oil sanctions imposed on the OPEC country by the US in 2019. The sanctions, imposed by then president Donald Trump, aimed to topple the government of Venezuela’s president Nicolás Maduro Moros. Almost 6 years later, Maduro remains in power, while Venezuela’s production continues to struggle to surpass the 1 million b/d (MMb/d) mark.

PetroParia rights

The rights to the Sinopec interest are held in the Empresa Mixta, or mixed company, called PetroParia, AGE said 2 Feb. 2025 in an official statement.

AGE believes the purchase will ultimately bring the investments necessary to develop oil and gas production opportunities to Venezuela.

“This acquisition is an addition to our joint venture agreement with Inepetrol in the Gulf of Paria. Our effort continues so that we will be ready to increase [Venezuela’s] production when the existing sanctions are lifted,” Moshiri said in the statement.

“When that occurs, Venezuela will once again become a strategic partner to ensure energy security in the Western Hemisphere. Further, the oil sector plays a significant role in bringing an economic recovery for Venezuelans,” Moshiri said.

The final agreement related to the acquisition is conditioned on the approval of both the US Treasury Office of Foreign Assets Control (OFAC) and the Venezuelan government.

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