Venezuela to assess oil reserves at Maracaibo Lake

Oct 23, 2007 02:00 AM

The quantification of 4 bn barrels of crude oil reserves in Maracaibo Lake is part of the Venezuelan oil strategy, aimed at producing 5.8 mm barrels daily by 2012.
The study will be made by Intevep, a subsidiary of PdVSA state oil company.

The related investment is estimated at about $ 420 mm, for an area of 12,600 sq km, and another of 1,200 sq km. The project aims to add in new crude oil reserves, and design mechanisms for the better recovery of existing inventories in the zone.
The strategy is included in the so called Oil Sowing Plan, which envisages the sustained increase in oil production from the current 3.2 mm barrels daily up to 5.8 mm by 2012.

Source: Prensa Latina
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