PDVSA, Repsol YPF to Discuss Tacata Development

Venezuela's state oil company PDVSA will discuss the development of the Tacata field with Spanish operator Repsol YPF this week, according to Johnny Gonzalez, manager of the northern district of PDVSA's eastern division.

Tacata development is a PDVSA priority because of the field's large crude and gas reserves, Gonzalez told BNamericas, adding that a further exploratory well will be drilled before the end of the year. An exploratory well already drilled at Tacata and two in the Chaguaramal area of Orocual have given rise to "great expectations for crude and gas in the northern part of Monagas," he said, adding, "It would be like having another Furrial." The nearby Furrial field holds giant reserves and PDVSA is presently drilling a deep development well there, which is showing good results, he added.

PDVSA's eastern division will present the results of the northern Monagas wells to the board in about two weeks, Gonzalez said, adding that the information will help the board decide on an investment plan for the next 5-6 years.

Depending on the size of the investment required, PDVSA will decide whether to develop the fields alone or seek private investment, he said, adding the board should have its 5-6 year plan ready by the end of the year. "They will explore all the options," he said, adding that the discoveries would make it possible for the company to increase overall production to 5 million barrels a day (mb/d) by 2008-09, as company president Ali Rodriguez announced last week.

The northern part of Monagas currently produces 860,000 barrels a day (b/d) of crude and 3 billion cubic feet a day (bcf/d) of natural gas. Crude and natural gas reserves found at the three recently completed exploratory wells would double the northern district's existing reserves, Gonzalez said.

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