On February 10, 2016 the Venezuelan government published the incorporation of the Military Corporation for Mining, Petroleum and Gas (Compañía Anónima Militar de Industrias Mineras, Petrolíferas y de Gas, or CAMIMPEG, in Spanish), in Venezuelan Official Gazette No. 40.845.

The incorporation decree states that CAMIMPEG will handle all gas and mining exploitation activities and petroleum services in Venezuela, without limit. Among many things, the company will:

  • Rehabilitate and maintain oil wells
  • Repair, maintain, and oversee drilling rigs
  • Build and repair flow stations, pumps, and compressor plants in marine and onshore areas
  • Contract qualified workers for the mining and hydrocarbons industries
  • Drive civil and general construction and maintenance of petroleum and electricity installations
  • Implement environmental remediation for oil spills
  • Handle waste removal
  • Install water treatment plants

CAMIMPEG will also offer logistical services to the industry, including the import, export, distribution, marketing, and purchase of chemical products used in mining, petrochemical, petroleum, and gas activities. Transport and logistics services will be provided nationally and internationally, whether by river, maritime, ground, or air. The company will also be involved in the international shipping and warehousing of all types of merchandise during customs and nationalization processing.

CAMIMPEG’s funding will come from the Ministry of Defense, public and private donations, and the company’s own operations. The Minister of Defense will designate CAMIMPEG’s board, which will include a president, a director and three principal managers.

IPD clients may download Decree 2,231 (Spanish) from IPD’s Venezuela EnergyNet. For further IPD analysis on CAMIMPEG, please contact us.