"This license was granted in 2001. We are in an area close to the Orinoco-Apure axis [a region of central Venezuela where the administration of President Hugo Chavez has promised to foster economic development] and demand here is pretty much guaranteed. Venezuela has an option to buy up to 35% and we should exercise it," Mommer said after Pluspetrol officials made a presentation of the development.
Mommer declined to say how much it would cost Venezuela - through the PDVSA Gas subsidiary of state oil company PDVSA - to buy the 35%. Pluspetrol has invested US$50mn in the field since it received the license.
A "conservative assessment" says there are reserves of 1 trillion cubic feet in Tiznados, said Eulogio del Pino, head of CVP, the PDVSA affiliate that deals with foreign companies, during the tour of the field. These reserves should provide 200 million cubic feet a day for 15 years.
Pluspetrol is drilling two exploratory wells, one in Tiznados and another in the nearby Barbacoas block, Cojedes state. The drilling follows the collection of 2D and 3D seismic in all of Tiznados' 540s q km extension. The Argentine company also has two more blocks in Guarico - Tinaco and San Carlos - but those are in even earlier exploratory stages, Pluspetrol officials said.
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