--> Abstract: Venezuelan Petroleum Potential Outlook, by C. Graf; #90933 (1998).

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Abstract: Venezuelan Petroleum Potential Outlook

Graf, Claus - PDVSA

Venezuela's petroleum system began with the deposition of source rocks under passive margin conditions during the Mesozoic, followed by the Tertiary deposition of reservoir rocks under an active margin environment, creating the Maracaibo, Eastern Venezuela and Barinas/Apure basins, some of the most prolific in the world.

Cumulative production to date is 53 BBO, Due to continuous Exploration and Development efforts, remaining reserves of conventional hydrocarbons are estimated at 73 BBO and expectations may well triple this figure.

Although Venezuela's territory has been explored for almost 100 years, there are numerous areas which are submature, and offer considerable potential, specially offshore, the Orinoco Delta and both the Andes and Coastal Range's foothills. Additional volumes will result from re-exploration of mature areas and from efforts to improve recovery factors in existing fields, which present particular challenges.

PDVSA's strategy is oriented towards the discovery of light and medium gravity crudes, by means of a balanced portfolio, attacking the most mature prospects and creating new exploration opportunities. Activity is to be concentrated onshore, distributed in the three basins, according to the attractiveness of each opportunity. Additionally, special efforts are to be made to increase the natural gas potential and to accelerate the production of extra heavy crudes in the Orinoco Oil Belt.

The current 10 year business plan will explore 40 to 60% of the existing resource base of 50 BBOE, including the participation of private investment under the "Apertura" initiative, particularly in frontier areas with high oil and gas potential.

AAPG Search and Discovery Article #90933©1998 ABGP/AAPG International Conference and Exhibition, Rio de Janeiro, Brazil