BELARUS NEWS AND ANALYSIS

DATE:

27/12/2007

Joint Bloc of PDVSA and Belarusneft Contains 26.5 Bln Bbl of Crude Oil

PDVSA and Belarusneft reported on 26.5 billion barrels of original onsite oil in bloc Junin 1, at the Orinoco oil belt, following the joint drilling of two wells and a quantification survey.

Based on these findings, the original onsite oil rose by 30 percent, over the initial estimates of 20.5 billion barrels of crude oil. This will make a positive impact on the target of the Orinoco Magna Reserve Project in the Junin area.

Quantification of bloc Junin 1, at the Orinoco oil belt, forms an integral part of the 24 cooperation deals in the areas of energy, petrochemical sector, infrastructure and industry, made in the first meeting of the Venezuela-Belarus High-Ranking Committee in 2006.

The crew of PDVSA subsidiary Venezuelan Petroleum Corporation (CVP) and a delegation of Belarusneft started drilling in well J1-01.

In order to maximize the use of the hydrocarbons resources embedded in mature oilfields, Petroleos de Venezuela and Belarusneft organized a joint venture for prospecting and drilling in fields Guara Este and Bloque X, located in eastern Anzoategui state and western Zulia state, respectively.

Guara Este, to the northeast of El Tigre, has an approximate surface area of 67 square kilometers. During the effective term of the joint venture, 44.6 million of net barrels of oil are expected to be extracted there at a cost of USD 225 million and a return of USD 26.9 million. The proceeds will go to endogenous development projects in nearby communities.

Bloque X has a surface area of 201 square kilometers; it is located in the basin of Lake Maracaibo. The current output amounts to 11,200 bpd and remaining reserves total 88 million net barrels of oil. This proves the good potential of these mature fields.

Source:

http://www.oilandgaseurasia.com/news/p/0/news/1556