PDVSA Makes Discovery on Chaguaramal Field

PDVSA said over the weekend that it made a discovery on the Chaguaramal field located in the eastern Monagas state. The discovery contains light 32 degree API crude and 870 billion cubic feet of natural gas. Total deposits may be as high as 460 million barrels of oil and 1.6 trillion cubic feet of gas, depending on the results of additional drilling on the field.