Chevron: 3D Seismic Shot on Cardon 3, Drilling Next

US oil major Chevron (NYSE: CVX) has finished shooting 530 sq km of 3D seismic data on the Cardon 3 offshore block in western Venezuela.

Chevron is working with Canadian oil and gas independent PetroFalcon (TSX: PFC) and soon will start a drilling program on Cardon 3, Chevron E&P Latin America head Ali Moshiri told BNamericas.

"Now we are going through the interpretation phase to see if we can find a good prospect and after that we go ahead and begin development," he said.

Operators will drill one well as part of the development phase this year, Moshiri said.

Chevron holds a 70% interest in Cardon 3 and PetroFalcon the balance.

Chevron won Cardon 3 in 2005 as part of the Rafael Urdaneta project with a US$5.6mn bid.

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