PDVSA, IFP to Develop Orinoco, Offshore Software

Venezuela's state oil firm PDVSA and France's state-controlled oil think tank IFP will develop software to help perform E&P in offshore areas plus the Orinoco extra-heavy oil belt, PDVSA said in a statement.

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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