DP Delta Finance B.V., private shareholder holding 40 per cent of the capital of Mixed Enterprise Petrodelta S.A., issued a statement claiming restitution of the company's assets and revocation of measures that limited its rights to carry out primary petroleum activities. The company argues that these measures were applied through an arbitrary sanctioning procedure, executed without its knowledge and in violation of its constitutional rights to defence and due process.
According to the document, the damages caused exceed 2,000 million dollars, an amount corresponding to investments made by the private partner. The company maintains that the Tucupita, Bombal, Uracoa, El Isleño, Temblador and El Salto fields, legally assigned to Petrodelta with operating rights until 2042, were transferred to Pacific Coast Energy Company through a Hydrocarbon Production Participation Contract.
Since February 2022, Petrodelta produced approximately 12 million barrels of oil under a Productive Services Agreement, which generated revenue close to 700 million dollars for the Republic. In the same period, Delta Servicios C.A., a subsidiary of DP Delta Finance B.V., provided services worth more than 100 million dollars without receiving any payment between January 2021 and March 2026, according to the claim.
The company recalled that it paid the Republic an exploitation bonus of more than 165 million dollars and that since 2010 it has not received dividends, despite Petrodelta extracting more than 136 million barrels of crude in that period. DP Delta Finance B.V. clarified that Petrodelta has not been liquidated or dissolved and that it maintains its status as a partner with full exercise of rights.
The company, owned by the heirs of Cuban-Venezuelan magnate Oswaldo Cisneros, requested review of the procedure which, in its view, violated its economic rights, with the aim of restoring the previous legal situation and respecting the position of the private partner.
