According to Venezuela's oil minister Rafael Ramirez, there has been a recent oil discovery in an existing field in Lake Maracaibo. This new find will boost Venezuela's reserves of medium crude. "We are going to work this field that has reserves of more than 500 million barrels of 20 API crude," Ramirez said during a television interview on "Hello Economy". Initially reserve estimates in this field were approximately 1 million barrels of medium crude. "Currently it (Tomoporo) is producing 120,000 barrels per day (bpd)," Ramirez said. He did not say when production from the new discovery would begin. The new find gives the world's fifth largest exporter a boost in its non-heavy oil reserves, which have been declining in recent years.