TotalFinaElf (69.5%), in partnership with Repsol YPF (15%) and the Venezuelan companies, Inelectra (10.2%) and Otepi (5.3%), announces that it has been awarded the Yucal Placer Norte and Yucal Placer Sur blocks, within the framework of the opening of the Venezuelan gas sector to private investment.

Yucal Placer is a significant gas field, situated around 100km south-east of Caracas, which was partially exploited at a low production rate up to 1989.

The development of the field is planned to take place in two phases, the second of which will increase production to around 300 million cubic feet per day. The project includes a drilling campaign, the installation of a system of gas collection and treatment as well as connection to the national gas transportation network. The exploration and production/development licences were awarded for a period of 35 years.

TotalFinaElf in this way has secured a strategic place at the forefront of the Venezuelan gas market as it opens up to the private sector.

TotalFinaElf is already the largest foreign investor in Venezuela, holding a 47% interest as lead-partner in the SINCOR joint venture, (US$4 billion investment for the valorization of extra heavy crude oil on the Orinoco Belt) and the development of the Jusepin field (production of 37,000 barrels per day of light oil).