CORPOVEN TO HIKE PRODUCTIVE CAPACITIES

Corpoven SA, an operating unit of Venezuela's state owned Petroleos de Venezuela SA, plans to hike its oil and gas productive capacities sharply in the eastern state of Monagas in the 1990s. Plans call for crude oil capacity to jump to 325,000 b/d in 1998 from an expected average of 284,000 b/d in 1993 and gas capacity to double in the same period to 1.2 bcfd.

Sept. 14, 1992

Corpoven SA, an operating unit of Venezuela's state owned Petroleos de Venezuela SA, plans to hike its oil and gas productive capacities sharply in the eastern state of Monagas in the 1990s.

Plans call for crude oil capacity to jump to 325,000 b/d in 1998 from an expected average of 284,000 b/d in 1993 and gas capacity to double in the same period to 1.2 bcfd.

Corpoven Pres. Roberto Mandini said Corpoven's Monagas operations produced 243,000 b/d of crude and 467 MMcfd of gas in first half 1992. Production of light crudes in the state rose 44,000 b/d from yearend 1991 to an average 116,000 b/d.

Overall, Corpoven produced 604,000 b/d of crude in the first half, broken out as 82% light and medium crudes and condensate and 18% heavy crudes.

Mandini cited a significant discovery in Monagas, completed earlier this year, as a key in Corpoven booking a sizable increase in proved and probable reserves in the region to 2.5 billion bbl of crude and 1.2 tcf of gas.

Corpoven's PIC-1E wildcat flowed a combined 6,000 b/d of 35.6 gravity oil from several pay zones.