30,660 million barrels of standard original oil in place in Block Carabobo 2

abarrelfullabarrelfull wrote on 06 Feb 2014 13:22

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International firm Ryder Scott has quantified and certified for Petróleos de Venezuela S.A. (PDVSA) 30,660 million barrels of standard original oil in place (STOOIP) in Block Carabobo, Carabobo Area of the Orinoco oil belt.

Certification of these reserves ratifies the quantification survey conducted by experts of Orinoco Magna Reserva Project. This team works in the headquarters of Intevep under the supervision of the Venezuelan Petroleum Corporation (CVP) and with endorsement of the People’s Power Ministry of Energy and Petroleum.

Petro-physical surveys conducted in this area –where PDVSA is conducting its own research- found that such volume of standard original oil in place is as follows: Morichal Superior area, 26,200 million barrels; Morichal Medio area, 4,150 million barrels; Morichal Inferior area, 310 million barrels. Overall, they add up to 30,660 million barrels, which amount to 100 percent of the reserves held in Block Carabobo 2.

Following this certification, proven reserves are estimated at some 6,000 million barrels, with a recovery rate of 20 percent, according to the report submitted by the Canadian corporation.

It is noteworthy that Ryder Scott also certified 45,548 million barrels of crude oil in Block Carabobo 1 in November 2006.

Block Carabobo 2, Carabobo Area, is one of the 27 blocks comprising the Orinoco Magna Reserva Project, which is intended to quantify and certify 228,000 million barrels of crude oil. Including the present reserves at 88,000 million barrels, overall reserves are therefore expected to add 316,000 million barrels.
The certification of reserves in Block 2 surpassed the estimations PDVSA’s experts made in the schedule of Orinoco Magna Reserva Project. PDVSA expects to complete the process of quantification and certification in 2008.

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