PDVSA and Belarusneft Tap 26.5 Billion bbl of Crude Oil in Junin

PDVSA and Belarusneft reported on 26.5 billion barrels of original onsite oil in bloc Junín 1, at the Orinoco oil belt, following the joint drilling of two wells and a quantification survey.

Based on these findings, the original onsite oil rose by 30 percent, over the initial estimates of 20.5 billion barrels of crude oil. This will make a positive impact on the target of the Orinoco Magna Reserve Project in the Junin area.

Quantification of bloc Junin 1, at the Orinoco oil belt, forms an integral part of the 24 cooperation deals in the areas of energy, petrochemical sector, infrastructure and industry, made in the first meeting of the Venezuela-Belarus High-Ranking Committee in 2006.

The crew of PDVSA subsidiary Venezuelan Petroleum Corporation (CVP) and a delegation of Belarusneft started drilling in well J1-01.