Maraven 96 oil reserves and revenues up strongly in 1996

Mar 25, 1997 01:00 AM

Mar. 6, 1997 Maraven, a subsidiary of Venezuelan PDVSA, saw a 35 % rise in revenues and a 24 % jump in oil reserves in 1996, the company said in its annual report.
Proven oil reserves climbed by 4.767 bnb to 24.855 bnb in 1996. 95% of the rise was extra-heavy crude from the Orinoco Belt as a result of work done with Conoco and Total SA.
Total oil production capacity rose to 1.19 mm bpd, of which 32,600 bpd was natural gas liquids. Crude and products sales climbed to 706,000 bpd, of which 325,000 barrels were destined to the Caribbean and Latin America, 35 % above that region's share the year before.
In 1996, world oil prices averaged 20 % above the year before, and Maraven said its revenues leapt by 35 % to $ 5.503 billion. Return on capital employed rose from eight to 14 %, while return on sales grew from 17 to 24 %.
Output from fields operated by foreign companies, under the recent opening of Venezuela's oil sector to private capital, reached 116,000 bpd by the end of the year.
Maraven has five fields operated by foreign companies, of which the Boscan field (Chevron) at 79,000 bpd and DZO (Occidental) at 27,000 are the biggest.

Source: not available
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