Venezuela hopeful of Tomoporo oil field discovery

Jul 24, 2003 02:00 AM

The Venezuelan Tomoporo field in the western Lake Maracaibo region could reach an output of 250.000 bpd by 2008, Venezuela’s Hydrocarbons vice minister Luis Vierma said.
The new oil deposit discovery by Venezuelan oil company PdVSA could reach output of 250,000 bpd by 2008.Tomoporo, with estimated recoverable reserves of around 1 bn barrels, is currently pumping about 35,000 bpd, but with new investments could reach 250.000 bpd by 2008, Vierma said.

"This is the jewel of PdVSA in the west of the country," Vierma said at the business expo-forum conference "Hydrocarbons, pillar of national development", on the occasion of the 25th anniversary of the Venezuelan Petroleum Chamber.
In the coming month Venezuela will open up the Tomoporo field to foreign investment. European Total, Statoil, Shell, Repsol and US oil companies ExxonMobil and ChevronTexaco had expressed interest in developing the field, Vierma said.
"The bidding process could be completed in nine months, Vierma added.

ExxonMobil and Repsol currently hold partnerships with PdVSA in fields adjoining the Tomoporo site. Venezuela is seeking foreign investment to help develop new oil fields to help production, which has gone down after the two month strike last Dec.-Jan.
Venezuela’s current production is at about 2.5 mm bpd versus November 2002, which was at 3.2 mm bpd.

Source: Petroleumworld
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