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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