Venezuela launches Phase 2 of oil reserves project

Peter Howard Wertheim
OGJ Correspondent

RIO DE JANEIRO, Aug. 14 -- Venezuela President Hugo Chavez on Aug. 10 launched Phase 2 of the Orinoco Magna Reserva oil exploration project, which the government hopes will greatly increase Venezuela's oil reserves.

Phase 2 involves drilling two oil wells in Campo Carabobo 1 in Anzoategui state to determine the extent of crude reserves along the Orinoco River region.

The project's goal is to double reserves in the Orinoco area to 11 billion bbl of crude, said Pedro Leon, who heads the Magna Reserva project at state-run Petroleos de Venezuela SA.

Venezuela hopes eventually to raise its reserves estimate by 235 billion bbl of crude, apparently by reclassifying extra-heavy oil resources as reserves. Doing so would push the total to 316 billion bbl.

Related Articles

MMS chief hopes next president, Congress won't reinstate OCS bans

12/19/2008 US Minerals Management Service Director Randall B. Luthi said on Dec. 9 that he hopes the Obama administration and Congress seriously consider expa...

FERC issues final EIS for proposed LNG project near Baltimore

12/19/2008 The Federal Energy Regulatory Commission's staff identified additional adverse environmental impacts as it issued a final environmental impact stat...

Gran Tierra defers Colombian pipeline project

12/17/2008 Gran Tierra Energy Inc., Calgary, has deferred a 100-km pipeline project in Colombia connecting Costayaco field to the Orito gathering facilities.

Petrobras gets loan for Revap refinery upgrades

12/14/2008 Brazil's Petrobras has borrowed ¥750 billion from a consortium of Japanese banks to finance its investments in the 226,000-b/d Henrique Lage (R...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected