Peter Howard Wertheim
OGJ Correspondent
RIO DE JANEIRO, Aug. 8 -- Venezuela President Hugo Chavez said on his weekly television broadcast that Petroleos de Venezuela SA (PDVSA) will start drilling appraisal wells on the Ayacucho Block in the Orinoco Belt in northeastern Venezuela. The timetable was not given.
Chavez said the drilling program will certify 235 billion bbl of oil reserves in the heavy oil province as part of the country's Magna Reserva program.
Chavez did not identify which companies would be working with PDVSA in the extensive campaign, but earlier had named seven companies to participate in a quantification program, including Russia's Gazprom to evaluate Ayacucho Block 3 and Iran's Petropars Ltd., Ayacucho Block 7. Petropars was granted a 49% interest in the 540-sq-km heavy oil block, and PDVSA retained 51% (OGJ, Nov. 21, 2005, p. 54).
The state oil firm currently is producing 620,000 b/d of oil from the Orinoco, working with Chevron Corp., ConocoPhillips, Brazil's Petroleo Brasileiro SA, and others.
