Denarius Holding Group Targets Venezuela Oil With $400 Million Investment

The project, managed through the Minerosol Group C.A. partnership, aims to revitalize the field by scaling production from its current 400 barrels per day to roughly 9,870 barrels. The agreement with state-owned Petróleos de Venezuela, S.A. (PDVSA) covers 100 million barrels of recoverable reserves and includes an option for a 20-year extension, providing the long-term stability necessary for the phased $400 million investment.

Zehra Zeynep Dereli, Vice President of Denarius, emphasized that the firm utilized extensive legal and sanctions counsel to ensure the venture aligns with U.S. regulatory frameworks. The company plans to implement American operational, environmental, and safety standards to rehabilitate aging infrastructure. Backed by its principal shareholder, the Turkish company Çan2 Termik A.Ş., Denarius intends to focus on technical optimization and local capability development throughout the project's multi-decade lifecycle.