Crude and condensate discoveries in Venezuela

Lagoven, a subsidiary of Venezuelan PDVSA, has announced the discovery of a new field of condensate oil in the southern part of Lake Maracaibo. The company said the find had increased its proven reserves of condensate by 13.2 million barrels. Initial production from the 17,830 feet exploratory well was 1,270 bpd of 45 degree API condensate, Lagoven said.
Meanwhile, Maraven, another subsidiary of PDVSA, has also discovered an oil field at Lake Maracaibo, containing estimated recoverable reserves of some 53 mmb of light crude. Maraven said the find was made at its Block IX concession. Production of the exploratory well stood at 2,000 bpd with potential output of 5,000 bpd. The company said it hoped to increase output at the well to some 15,000 bpd during the course of this year.
The new field is located in the central part of Lake Maracaibo where about 21 % of Maraven's production of light and medium-grade crudes is centred.