Venezuela’s PetroFalcon has decided against buying a 30% working interest in Chevron’s Cardon III field, Reuters reports.

PetroFalcon’s unit, Vinccler Oil and Gas, will not purchase the working interest in the offshore gas field in the Gulf of Venezuela.

Chevron will return all the money paid by Vinccler with interest. “We are opting out of the Chevron exploration well in the Gulf of Venezuela due to the tightening global capital markets and the uncertain oil and natural gas price environment,” said PetroFalcon’s CEO, Bill Gumma.

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