PDVSA, Petronas to Explore Orinoco's Boyaca 5



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.

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