Venezuela and Ecuador strengthen South American energy union

abarrelfullabarrelfull wrote on 09 Feb 2014 20:45

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.- The President of the Bolivarian Republic of Venezuela, Hugo Chávez, and his Ecuadorian counterpart, Rafael Correa, will visit the Ayacucho 5 Block of the Orinoco Oil Belt, where PDVSA and PETROECUADOR are currently carrying out joint work to quantify and certify extra heavy crude reserves.

Representatives from PDVSA and PETROECUADOR will also participate in this activity framed in the Magna Reserve Project, a central element of the Orinoco Socialist Project. During this visit, both the Ecuadorian and Venezuelan President will officially begin the drilling of the statigraphic well MFJ-08 in Block 5, Ayacucho Area, located in the Independencia Municipality, Anzoátegui State.

The Orinoco Oil Belt covers 55,314 square kilometers of Venezuela’s eastern basin’s southern strip, and is located in the south of Guárico, Anzoátegui, Monagas and Delta Amacuro States. It was divided in 4 areas and 27 blocks, including the Ayacucho 5 Block, which spans 850 square kilometers and has an estimated 20 billion barrels of Originally Oil in Place (OOIP). In addition to Ecuador’s participation, the Chilean company ENAP is also participating as a partner in the quantification of reserves of this Block in the Orinoco Oil Belt.

Once the reserves of the Ayacucho 5 Block have been quantified and certified, PDVSA and PETROECUADOR will sealed an energy agreement to process extra heavy Venezuelan crude in Ecuador’s “Eloy Alfaro” Pacific Refinery. This alliance is part of the efforts carried out to strengthen the energy security and integration of South American peoples.

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