Lagoven SA will step up exploration of light and medium crude prospects in eastern Venezuela, where it sees a reserves potential of 6 billion bbl of oil.
Lagoven, biggest operating unit of Venezuela's state owned Petroleos de Venezuela SA (Pdvsa), will drill most of the six wildcats it plans this year in eastern Venezuela, notably in the marshlands of Northeast Monagas state.
Lagoven Pres. Julius Trinkunas said the area holds the company's best prospects for light and medium crudes. The company believes giant structures such as those found in the El Furrial, El Corozo, and Boqueron areas in northern Monagas state extend east to the El Pantano Oriental (Eastern Swamp).
In 1992, British Petroleum Co. plc completed a study of oil prospects in mostly unexplored areas of eastern Venezuela where Lagoven and Pdvsa affiliate Corpoven SA operate. Although the results have not been disclosed, Pdvsa Pres. Gustavo Roosen last year said the study showed very large structures prone to light and medium crudes.
Meanwhile, Lagoven completed five wildcats in 1992 and had a sixth under way at yearend.
The company operates in the Lake Maracaibo region as well as the three eastern Venezuela states of Monagas, Sucre, and Delta Amacuro.
The company's medium term plan calls for drilling 80-90 wildcats by 1998.
Lagoven ended 1992 with proved crude reserves of 28 billion bbl, representing about 45% of the Pdvsa total of 62.53 billion bbl.
Lagoven added 45 million bbl of light crude to its reserves in 1992 with a new pool discovery in Bachaquero field in Lake Maracaibo.
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