PDVSA VP of E&P Luis Vierma and IFP president Jean Burrrus signed the development deals.
The two agreed to finish developing offshore basin-modeling software dubbed Temis Plus Plus and develop a software called FIRST to help develop the Orinoco belt.
FIRST "will be a fundamental tool for developing Orinoco oil belt deposits, where we are challenged with increasing the recovery factor to 8% from 20%," Vierma said in the statement, without specifying how the software would work.
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