Venezuela, Belarusneft Increase Oil Potential

As a further step towards implementation and enforcement of multiple bilateral cooperation and energy integration agreements entered into by the governments of Venezuela and Belarus, state-run oil companies PDVSA and Belarusneft are working on quantification and certification of reserves at bloc Junin 1, Orinoco oil belt. They organized also a joint venture to drill oil in mature oilfields in East Venezuela, under an agreement initialed in June 2007.

In order to maximize the use of the hydrocarbons resources embedded in mature oilfields, Petroleos de Venezuela and Belarusneft organized a joint venture for prospecting and drilling in fields Guara Este and Bloque X, located in eastern Anzoategui state and western Zulia state, respectively.

Guara Este, to the northeast of El Tigre, has an approximate surface area of 67 square kilometers. During the effective term of the joint venture, 44.6 million of net barrels of oil are expected to be extracted there at a cost of USD 225 million and a return of USD 26.9 million. The proceeds will go to endogenous development projects in nearby communities.

Bloque X has a surface area of 201 square kilometers; it is located in the basin of Lake Maracaibo. The current output amounts to 11,200 bpd and remaining reserves total 88 million net barrels of oil. This proves the good potential of these mature fields.