Geoex MCG have signed a Memorandum of Understanding with the Ministry of People's Power of Petroleum of Venezuela, with the objective of supporting the country's strategy to open the offshore domain for the exploration of liquid and gaseous hydrocarbons; and attract international investors.

The MOU includes a Multiclient Project for 2D Regional Seismic, with Reprocessing of 2D and 3D historical data and Geochemical Analysis, which are designed to reassess the potential of offshore hydrocarbons and increase the estimated reserves of the country, already considered as the first reservoir in the world.

The MoU is structured in 3 parts:

• Multiclient Project for 2D Regional Seismic,
• Reprocessing of 2D and 3D Historical Data and
• Geochemical Analysis

Venezuela is known to have the largest hydrocarbon reserves in the world and this project is designed to re-evaluate its offshore hydrocarbon potential.

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