US major ConocoPhillips operates the field, which has 2 billion barrels in reserves. Production, which started in 2003, could total 250 million barrels over 20 years. Investments would total US$1.4 billion in two phases.
The field could produce at a rate of 70,000 b/d during or after 2008, the report said. Project operators will drill 24 wells on the property: 11 for production, 10 for water injection, two for gas injection and one multi-purpose well. The associated gas will be stored.
PDVSA, through subsidiary CVP, has 35% of Paria Oeste. ConocoPhillips holds 32.5%, Italian oil major Eni 26% and OPIC 6.5%.
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