PDVSA, Petropars to Develop 3Tf3 Cardon II Block

The Cardon II offshore block in the Gulf of Venezuela has 3 trillion cubic feet (Tf3) of natural gas and will most likely be developed jointly by Venezuela's state oil firm PDVSA and its Iranian counterpart Petropars, PDVSA director Eulogio del Pino told BNamericas.

"An offshore gas development of Cardon II will allow us to capitalize on the offshore expertise of our Iranian brothers," del Pino said during a tour of a PDVSA project in Caracas.

The partners could dig exploratory wells and collect additional seismic data this year, the official added.

Venezuela has proven reserves of 151Tf3. However, insufficient upstream work means there is a natural gas deficit estimated by PDVSA at 1.4-1.6 billion cubic feet.

Venezuela badly needs natural gas to keep crude production above 3 million barrels a day and to reduce its dependence on hydro generation.

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