The project is designed to restore a mature, underinvested asset and raise output from around 400 barrels per day (bpd) toward approximately 9,870 bpd.

The agreement is governed by a 20-year CPPH, with an option for a further 20 years subject to approval. Denarius Holding Group is the U.S.-incorporated parent of Venezuela-based Minerosol Group, which has signed the contract with PDVSA and will carry out the CEMA redevelopment program.

CEMA, formerly known as the Petrokariña Oil Field, covers approximately 162 square-kilometers and comprises 10 fields. The asset contains an estimated 104.2 million barrels of remaining oil reserves and 499.3 billion cubic feet of remaining natural gas reserves, with crude ranging from 10° API to 59° API. The redevelopment therefore covers a diverse production base spanning extra-heavy oil through to lighter hydrocarbons.

The investment will be deployed through a phased rehabilitation program focused on restoring wells, upgrading field infrastructure and applying enhanced production techniques. Denarius Pumping Services, the group’s oilfield services affiliate, will provide oilfield services and engineering support as the project moves into field development.

The project also introduces a cross-border investment structure linking Turkish capital with a U.S.-incorporated holding company and Venezuelan operations. Çan2 Termik A.Ş., a Turkish energy company listed on Borsa Istanbul, is the principal shareholder of Denarius Holding Group, while Minerosol serves as the Venezuelan operating company. Çan2 Termik said the investment followed technical, legal and commercial assessments of the opportunity and the applicable regulatory framework.

The CEMA agreement comes alongside a broader wave of international investment targeting Venezuela’s underproducing oil assets. Recent commitments from companies including Chevron and Continental Resources are creating new development opportunities across the Orinoco Belt and other producing regions, while international oilfield service companies are also positioning to support a potential increase in drilling, workovers and production activity.

The redevelopment adds to an increasingly important investment story shaping Venezuela Energy Week 2027, taking place February 22–25 in Caracas. With international companies pursuing both large new resource opportunities and the rehabilitation of mature fields, the event will examine how renewed investor interest can translate into field-level development, infrastructure investment and higher production.

The scale of CEMA illustrates the type of mature-asset opportunity now entering Venezuela’s investment pipeline: a substantial remaining resource base, existing production and infrastructure, and a long-term contractual framework designed to support private capital. As Venezuela Energy Week approaches, the progress of the CEMA redevelopment will provide another example of how recently announced investment agreements can move toward field rehabilitation and increased production.