PDVSA To Increase Production from Socororo Field

PDVSA has signed an agreement with PetroUCV to recover reserves from the Socororo field in Anzoategui State. Twenty older wells will be reactivated and 42 new wells will be drilled. The field is estimated to hold approximately 50 million barrels of oil and 85 million cubic feet of natural gas. A start date has not been set for this work.

The Socororo field is part of a larger 270-square kilometer area which is already under development. Currently 200 barrels per day is being produced through two active wells. The aim of this project is to increase production to at least 12,000 bpd initially.