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Venezuela to show new heavy oil reserves by 1Q 2007
Petroleumworld
CARACAS
Petroleumworld.com 06 01 06
Eulogio Del Pino, Venezuela's PDVSA said on Wednesday, they expect to report a certified 30 billion barrels of new heavy oil reserves by the end of the first quarter of next year,The new reserves will come from four blocks in the Carabobo area ( previoulsy name Cerro Negro ) of the Orinoco river basin, said Del Pino.
"We're going to drill in Petrobras' Carabobo 1 area our first statographics well in two weeks ," said Pedro Leon, PDVSA's protect manager for the Magna Orinoco Basin project.
PDVSA is revising reserves on the 7 blocks of its 22 blocks it has divided the Orinoco Faja Basin, to certified recoverableable reserves with foreign partners, China's oil company CNPC, Spain's Repsol YPF, and Russia's Lukoil and Gazprom, and Petrobras.
"It will not only have a financial impact...but also in the politics of the quotas assigned by OPEC," Del Pino told reporters.
Venezuela claims the extra heavy oil Orinoco areaarea holds 1.3 trillion bbls of oil, of which 325 billion can be recovered with existing technology.
Petroleumworld 31 05 06
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