ConocoPhillips said it expects government approval in 2003 of its planned development of giant Corocoro field in the southwestern Gulf of Paria.
The company said that the block also contains associated gas, and that ConocoPhillips is well-positioned to participate in any regional gas initiative in the area.
Oil production would begin in 2005 at a gross 50,000 b/d. Two development phases are envisioned, with first phase reserves of 100 million bbl of oil net to ConocoPhillips's 50% interest. Second phase reserves would go on line in 2007-08, with Phase 2 to be larger than Phase 1 in almost every aspect.
The operator said last summer that it determined Corocoro to be commercial, received board approval for development, and was asking partners and the government to agree that the project is economic and approve a first phase.
Company documents refer to an "excellent appraisal program" that consisted of four wells drilled last spring in the northern Greater Orinoco Delta region.
The Corocoro 1X discovery well in 8 ft of water found oil in three zones and gas-condensate in a fourth zone. TD was 12,100 ft (OGJ, Mar. 29, 1999, p. 30).
Other interests in the Gulf of Paria West block are Agip Venezuela BV 40% and Taiwan's Chinese Petroleum Corp. unit Overseas Petroleum & Investment Corp. 10%.