PDVSA, Petronas to Explore Orinoco's Boyaca 5

Orinoco Heavy Oil Belt
(Click to Enlarge)
Venezuela's state oil company PDVSA and its Malaysian counterpart Petronas will jointly explore and possibly produce in the Orinoco extra-heavy oil belt's Boyaca 5 block, PDVSA said in a statement.

As such, Petronas will have to join Venezuela's "magna reserva" initiative, which entails PDVSA and partners determining Orinoco oil reserves.

Petronas would then have to determine Boyaca 5 reserves and, if amounts are deemed commercial, would have the first option to perform E&P there with PDVSA.

Other companies participating in "magna reserva" projects are from Russia, China, Spain, India, Iran, Argentina, Uruguay, Brazil, Belarus and Venezuela.

Visit BNamericas to access our real-time news reports, 10-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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Quality Assurance and Training Specialist Job
Expertise: HR - General|HR - Trainer / Instructor|Risk Management
Location: Minneapolis, MN
Project Manager, Oil and Gas
Expertise: Petroleum Engineering|Project Management
Location: West Chicago, IL
Business Development Manager
Expertise: Business Development|Construction Manager
Location: Portland, OR
search for more jobs

Brent Crude Oil : $51.46/BBL 0.61%
Light Crude Oil : $50.52/BBL 0.64%
Natural Gas : $2.83/MMBtu 5.35%
Updated in last 24 hours