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In the Orinocco Oil Belt, one of the world’s largest heavy crude reservoirs

Antonio Brufau signs the development agreement for the Carabobo project

Press Release 12/05/2010 00:00
  • Repsol, with an 11% stake, will co-ordinate the international consortium that will develop the project together with PDVSA.
  • The Carabobo project will allow the company to add an estimated 268 million barrels of net reserves over the next ten years.
  • Repsol expects net investment in the project for the period 2010-2014 to total $750 million.
  • Production is expected to reach a plateau of 400,000 boe/d during the 40 year project-life. Development includes the construction of a crude upgrader.
  • Repsol will use the latest technology in heavy crude oil extraction and production on the Carabobo project.
  • The Carabobo development project adds to the discovery, the largest ever gas find made in Venezuela and one of the world’s five largest discoveries in 2009.

12 May 2010 - 00:00 CEST | PDF | 64.90 KB