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Repsol YPF conducting a study on Junin block of Orinoco faja basin
Petroleumworld
CARACAS
Petroleumworld.com 04 27 06
Major oil firm Repsol YPF is conducting a study on Junin block of Orinoco faja basin and could drill new wells this year to determine how much extra-heavy crude is in the Junín 7 block, Repsol YPF Venezuela and Caribbean area president Valentin Alvarez Cortina told reporters at an oil and gas conference in Caracas, Tuesday.PDVSA says there are a total 235 billion barrels of crude in the Orinoco faja belt basin. Repsol YPF is one of seven companies hired by PDVSA to conduct reserve certification studies.
" We might have drill to verify technical data," Alvarez said.Repsol YPF began its study two months to verified the dimensions and characteristics of the asigned area. PDVSA drilled exploratory wells in the Junín 7 block decades ago.
"We are studying the wells that are there already. The whole study will take about a year," Alvarez added.
PDVSA is preparing to increase production of Orinoco extra-heavy crude, which is currently about 600,000 barrels a day (b/d) from four existing joint ventures.The Repsol YPF study is part of the 2005 - 2012 PDVSA development plan to exploit the potential of its Orinoco Faja belt basin.
The Faja Basin holds at least 235 billions barrels of extra-heavy oil, according to the Venezuelan government.
Petroleumworld 04 27 06
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