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Iran, Venezuela joint oil company
PressTV
Tehran
Petroleumworld.com 04 25 07
A joint oil and gas company set up by Iran and Venezuela is all but complete, an official with Iranian company Petropars said on Tuesday.Ali Talebi, who runs Petropars office in Caracas, said on Tuesday that the joint venture will include crude oil and natural gas production, adding that feasibility studies for the first phase of the project are already completed. “So, a company will be set up next year to conduct crude oil exploration and production projects,” he added.
During a visit to the Latin American state last September, Iran's President Mahmud Ahmadinejad signed the preliminary agreement for establishing the company with his Venezuelan counterpart Hugo Chavez. Work was immediately begun on the joint venture, designed to explore for oil in the 500-square km area of Ayacucho's Block 7 on the Orinoco Petroliferous Strip, on the Kuricapo oil field close to San Tome town in the northeast Venezuelan state of Anzoategui.
The joint drilling operation will allow the companies to quantify and formally certify the deposits in the block, which are estimated to be as high as 31.2 billion barrels of crude oil in situ.
This certification process is a part of Venezuela's Bumper Reserve plan which foresees a massive increase in Venezuela's certified oil reserves.
The 11,593-square km belt consists of four areas - Boyaca, Junin, Ayacucho and Carabobo, each being further divided into 27 blocks.
ER/PC/AVA
PressTV 24 04 07
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