Venezuela plans Orinoco expansions

11/21/2005
Petróleos de Venezuela SA’s (PDVSA) recent strategic plan calls for the investment of about $15 billion during 2006-12 to increase heavy-oil production from the Orinoco tar belt of Venezuela to 1.2 million b/d from the present level of 600,000 b/d. Click here to enlarge imageThe first phase of the plan involves the quantification and certification of reserves in 27 blocks in four areas (Fig. 1): Carabobo (formerly Cerro Negro), Ayacucho (formerly Hamaca), Junin (formerly Zuata), and Boyacá (formerly Machete).Seven third-party companies have agreements to study seven blocks: four in Junin, two in Ayacucho, and one in Carabobo. Corp. Venezolana del Petroleo (CVP) and PD...
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