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Conoco Venezuela's Corocoro offshore field on stand bye
Petroleumworld
CARACAS
Petroleumworld.com 06 14 06
ConocoPhillips - ENI - OPIC Karimun Corp and Venezuela's PDVSA, profits sharing joint Venture in the Corocoro's offshore oil field in the easter part of Venezuela was to start a 14-well drilling campaign this month but the oil ministry ordered to drill another test well first to gauge production levels, said an executive involved in the drilling campaign, Dow Jones reported.Corocoro was declared commercial in 2002 after drilling four exploration wells, and the field forms part of Venezuela's plans to double oil production over the next six years. The offshore oil field approved plan is to invest $480 million, since April, 2003, with an estimate producion of 55,000 barrels a day by late 2005. Goverment officials put the start up production in the first quarter of 2007.
Conoco is the field's operator.
The profit sharing contracts give PDVSA rights to a 35% stake in each project afther it is declare comercial.
Venezuela is the world's fifth largest oil exporter and one of the top U.S. oil exporter.
Petroleumworld 06 13 06
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