VENEZUELA ENERGY IN FIGURES - Servicios IESA

EXPLORATION AND PRODUCTION
PDVSA and BP, Chevron, ConocoPhillips,
ExxonMobil, Statoil and Total, started in the late
nineties, the exploitation of extra-heavy crude with
the establishment of strategic partnerships. These
agreements represent an investment of about 17
billion dollars, which allowed to reach an average
production in 2006 of 560 thousand barrels per
day. Strategic partnerships were developed with
the aim of vertically integrating the business of
heavy oil from the Orinoco Belt, to include not only
mining activities but also upgrading plants to produce
synthetic crude with higher API gravity, better traded
in international markets. According to this scheme,
the participation of PDVSA averaged forty percent
and a majority stake was in the hands of private
partners.
3. Exploration projects
Since 2007, the exploration activities projects,
former exploration, risk and profit sharing
agreements, are operating under the new
contractual scheme of joint ventures.
Reserves certification projects
Orinoco Magna Reserve Project (In Spanish Proyecto
Orinoco Magna Reserva) is part of the Plan Siembra
Petrolera 2005-2030 and is intended to quantify
and certify the hydrocarbon reserves in the Orinoco
Oil Belt.
The FPO has been divided into 30 blocks,
nested according to their technical and strategic
in four areas:
• Boyaca, Junin, Ayacucho and Carabobo
(excludes firms assigned area Petrocedeño, SA,
Petromonagas, SA, Petrozuata, CA and Oil
Sinovensa, SA).
From these blocks, 22 will be quantified in a joint
effort between the CVP and 28 foreign companies,
mainly state.
The rest of the blocks will be quantified with PDVSA’s
own effort.
Source: : Informe de Gestión Anual de
PDVSA de 2012.
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