ODAŞ is advancing its oil operations in Venezuela through a long-term investment in the CEMA Oil Field. Classified as a “brownfield” site with significant existing infrastructure and well investments, the field enables investment and production activities to be brought online more rapidly compared to newly developed fields, while also supporting a shorter investment payback period. Under the project, a total investment of US$381.7 million is planned over 20 years, with the aim of developing the existing field infrastructure and increasing production capacity.
A Strategic Move into Venezuela During the Sanctions Period
In 2024, Çan2 Termik A.Ş., one of the ODAŞ Group companies, entered the Venezuelan oil sector at a strategic time as the parent company of an OFAC-licensed company that had been active in the oil industry for 30 years, during a period when international sanctions against Venezuela were in place.
104.2 Million Barrels of Oil Reserves with an API Gravity Range of 10°–59°
Located in Venezuela’s eastern Anzoátegui State, the CEMA Oil Field comprises 10 fields covering a total area of 162.4 square kilometers. In addition to 104.2 million barrels of remaining oil reserves with an API gravity range of 10°–59°, the field has 499.3 billion cubic feet (BCF) of natural gas reserves. Oil production at the CEMA Oil Field, currently at approximately 400 barrels per day, is planned to reach 9,865 barrels per day in the medium to long term.
Operating and Exclusive Rights in Venezuela
Since the beginning of 2026, changes in Venezuela’s political and economic environment, together with developments in the OFAC licensing regime governing the oil and natural gas sectors, have begun to reshape operating conditions in the industry. Against this backdrop, Minerosol Group C.A., the Venezuelan subsidiary of U.S.-based Denarius Holding, whose parent company is Çan2 Termik A.Ş., signed an agreement with Venezuela’s state-owned oil company PDVSA (Petróleos de Venezuela, S.A.) concerning the operation and production of the CEMA Oil Field in Anzoátegui State. The agreement grants 20-year operating and exclusive rights, with the possibility of an extension of up to an additional 20 years subject to approval. With this agreement, ODAŞ is expanding its presence in Venezuela into long-term field development and oil production.
Corporate responsibility today goes beyond creating economic value in the areas where companies operate; it also encompasses contributing to society through a holistic approach. Communication with society has become an important part of this perspective, while the use of communication channels to draw attention to social issues and raise awareness is gaining increasing significance. ODAŞ continues to carry out communication initiatives aimed at creating social impact by approaching corporate responsibility from this comprehensive perspective.
ODAŞ is advancing its oil operations in Venezuela through a long-term investment in the CEMA Oil Field. Classified as a “brownfield” site with significant existing infrastructure and well investments, the field enables investment and production activities to be brought online more rapidly compared to newly developed fields, while also supporting a shorter investment payback period. Under the project, a total investment of US$381.7 million is planned over 20 years, with the aim of developing the existing field infrastructure and increasing production capacity.
A Strategic Move into Venezuela During the Sanctions Period
In 2024, Çan2 Termik A.Ş., one of the ODAŞ Group companies, entered the Venezuelan oil sector at a strategic time as the parent company of an OFAC-licensed company that had been active in the oil industry for 30 years, during a period when international sanctions against Venezuela were in place.
104.2 Million Barrels of Oil Reserves with an API Gravity Range of 10°–59°
Located in Venezuela’s eastern Anzoátegui State, the CEMA Oil Field comprises 10 fields covering a total area of 162.4 square kilometers. In addition to 104.2 million barrels of remaining oil reserves with an API gravity range of 10°–59°, the field has 499.3 billion cubic feet (BCF) of natural gas reserves. Oil production at the CEMA Oil Field, currently at approximately 400 barrels per day, is planned to reach 9,865 barrels per day in the medium to long term.
Operating and Exclusive Rights in Venezuela
Since the beginning of 2026, changes in Venezuela’s political and economic environment, together with developments in the OFAC licensing regime governing the oil and natural gas sectors, have begun to reshape operating conditions in the industry. Against this backdrop, Minerosol Group C.A., the Venezuelan subsidiary of U.S.-based Denarius Holding, whose parent company is Çan2 Termik A.Ş., signed an agreement with Venezuela’s state-owned oil company PDVSA (Petróleos de Venezuela, S.A.) concerning the operation and production of the CEMA Oil Field in Anzoátegui State. The agreement grants 20-year operating and exclusive rights, with the possibility of an extension of up to an additional 20 years subject to approval. With this agreement, ODAŞ is expanding its presence in Venezuela into long-term field development and oil production.
Corporate responsibility today goes beyond creating economic value in the areas where companies operate; it also encompasses contributing to society through a holistic approach. Communication with society has become an important part of this perspective, while the use of communication channels to draw attention to social issues and raise awareness is gaining increasing significance. ODAŞ continues to carry out communication initiatives aimed at creating social impact by approaching corporate responsibility from this comprehensive perspective.
