PDVSA, CNPC Begin Junin 4 Block Drilling
Venezuela's state oil company PDVSA and China National Petroleum Corporation (CNPC) have begun drilling the first evaluation well at the Junin 4 block in Venezuela's Orinoco oil belt, PDVSA said in a statement.
The J4-05 well is one of 18 wells to be drilled to quantify reserves, the statement said. The works are due to wrap up next year.
The Junín area covers 14,580 sq km and is divided into 10 blocks. PDVSA estimates the area holds 36Bb.
President Hugo Chavez said Venezuela supplies 154,000b/d of oil to China and aims to increase supply to 300,000b/d in 2007 and 500,000b/d in 2008.
CNPC is one of several companies quantifying reserves in the Orinoco, estimated to hold 235Bb of crude, which would increase Venezuela's reserves to 316Bb.
PDVSA claims the Orinoco is the world's largest liquid hydrocarbons reserve.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Operates 15 Offshore Rigs
Manages 26 Offshore Rigs
- Venezuela Confirms Discussing Citgo Collateral Swap With Rosneft (Oct 04)
- Venezuelans Face Growing Queues To Buy Gasoline (Sep 21)
- Venezuela's Crude Supply To The United States Was Flat In August (Sep 13)
Company: CNPC more info
- China's CNPC Starts Third Natural Gas Pipeline To Shanghai (Oct 13)
- Eni Inks Cooperation Deal With China's CNPC (Sep 13)
- CNPC, Guangdong Sign Strategic Deal On S. China Sea Methane Hydrate (Aug 28)