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Chevron's Latin American E & P president: The future of Venezuela is extra-heavy oil and natural gas
Ali Moshiri,Chevron's Latin American president of the exploration and production unit
By Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com 04 27 06
``The future of Venezuela is extra-heavy oil and natural gas,'' Ali Moshiri,Chevron's Latin American president of the exploration and production unit, told an audience of oil related industrialists at an oil and gas conference in Caracas.The world heavy oil reserves are in Venezuela, and could total 235 billion barrels. Venezuelans have 150 years of reserves, rivaling Canada's oil sands as the hemisphere's largest deposit, Moshiri added.
``Ninety percent of Venezuela's oil production is going to come from this area in the coming years.'' Moshiri said.
Moshiri explained that Venezuela will need to spend $200 billion in the next years to increase heavy oil production by 2.5 million barrels to 3 million barrels and day fully develop its heavy oil reserves. Current heavy oil output is about 600,000 barrels a day in Venezuela, the world's fifth-largest oil exporter.
``Development is going to eat up a lot of resources,'' Moshiri said.
Chevron see venezuela as a land of opportunities, even do critics said the venezuelan government is cracking down on foreign oil companies doing business in the country, increasing taxes and taken majority control of foreign oil project.
Moshiri told reporters before the conference that " You need to look the business in the long run.., " " and not just in income, but in mantening the business value" Venezuelan government is trying to maximize its resource for the benefit of its share holders (venezuelans), just as we maximize the income for our shareholders"
Venezuela at this moment is trying to develop its extra heavy oil a certification program aimed at quantifying its heavy-oil reserves, and need to develop its human resources and infrastructure if the crude is going to be developed.
Venezuela's heavy-oil region include four extra heavy projects with four of the oil major companies: Exxon Mobil, Chevron , Total and ConocoPhillips, Statoil and Bp also have a stake in the projects.
Venezuela, which is in the beginning of a certification program aimed at assessing its heavy-oil reserves.
Moshiri ended its speech insisting in the need for venezuela to needs to develop its human resources and infrastructure to take advantages of the new emerging technologies that also must be developed to improve recovery rates.
- Elio Ohep, editor@petroleumworld.com, 58 412 996 3730, Caracas.
Petroleumworld News 04 26 06 GMT
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