22-03-99 Conoco has found potentially significant accumulations of oil in the Gulf of Paria West, offshore Venezuela, about 160 miles east of Puerto La Cruz.
The exploration well was drilled to a depth of 12,100 feet in 8 feet of water and encountered a series of hydrocarbon-bearing zones.
Conoco conducted four drill stem tests (DSTs) on the Gulf of Paria West well. Three of the tested zones -- which ranged from 5,950 feet deep to 9,080 feet deep -- flowed oil at a cumulative rate of 4,195 bpd. A fourth zone flowed gas at 10.6 mm cfpd and 287 bpd of condensate.
Further studies are planned to determine the extent of the discovery and to assess its commerciality.

"The Gulf of Paria results are encouraging and reveal the potential for an important discovery, but it is still very early in the appraisal process and in determining the real value of the discovery. We have a lot more work to do before we can declare it a commercial success in the current environment," said Conoco Executive Vice President Rob McKee.
Conoco Venezuela has a 50 % interest in the Gulf of Paria West Block. It is the operator on behalf of itself; AGIP Venezuela, a subsidiary ENI, which holds a 40 % interest; and Overseas Petroleum and Investment (OPIC), a subsidiary of the Taiwanese China Petroleum Company (CPC), which holds a 10 % interest.

Gulf of Paria West was one of the eight areas awarded as part of the "Apertura" of the oil industry during Venezuela's 1995 exploration bidding round. Conoco originally was awarded rights to 100 % of the block; the company entered into a farm-in agreement with the existing interest holders on June 4, 1998.
Western Atlas began 3-D and 2-D seismic surveys in the Gulf of Paria in late 1996; data acquisition was completed in August 1997. Drilling began in September 1998. The well is located on the Corocoro Prospect, in the south-eastern part of the block.
Conoco has begun drilling a second well on the block on a separate structure.

The company's other activities in Venezuela include Petrozuata -- a 35-year, $ 2.4 bn joint venture with PDVSA. At its peak, Petrozuata is expected to produce 120,000 bpd of extra-heavy oil. Starting in 2000, the heavy crude will be upgraded to a higher-value synthetic crude oil suitable for refinery feedstock.