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 Release12/05/2010 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.