In the Orinoco Oil Belt, one of the world’s largest hydrocarbon deposits
Repsol is awarded a project to develop oil reserves in Venezuela
Press Release11/02/2010 15:58
Repsol, with an 11% stake, is part of the international consortium which will together with PDVSA develop the Carabobo 1 project in Venezuela’s Orinoco Oil Belt.
The Orinoco Oil Belt, which holds up to 513 billion barrels of heavy oil, is one of the world’s largest hydrocarbon deposits.
Production is expected to reach a plateau of 400,000 boe/d during a 40 year project-life. Development includes the construction of a crude upgrader.
The development of Carabobo will allow Repsol to apply cutting edge, modern technology for extracting and producing heavy crude oil.