Rosneft Drills Record Well in Venezuela

(Rosneft, 8.Oct.2015) – Rosneft, as part of a PetroMiranda JV including PDVSA and Gazprom Neft, has drilled an unprecedented horizontal well GG1-14 at the Junin-6 block.

The well is unique for the shallow depth, only 1,140 feet or about 347 meters, of the reservoir interval and the length of horizontal section 4,920 ft or 1,500 meters. The total length of the well is 6,059 ft (some 1,847 meters).

The increasing of technological implementation in field development is a top priority for Rosneft’s longterm development strategy in the upstream area, which allows maintaining cost-efficient production at brownfields, and increasing production at greenfields.

This is the first of such wells to be drilled in Venezuela using conventional vertical drilling units. Complex directional work was performed to build up an angle with simultaneous azimuthal turn of well direction in the limited boundaries of the reservoir interval, thus solving the challenging task of strict following of geological targets, which is often a problem on such wells. This result was achieved due to the use of an advanced rotary steerable system (RSS), which had been introduced at the Junin-6 block with the support from Rosneft specialists.

According to the generally accepted system of ERD (Extended Reach Drilling) wells complexity evaluation, the GG1-14 is classified as the most difficult, with a Directional Difficulty Index (DDI) index of 6.63 and an ERD index of 4.44, which is a record for wells in Venezuela today. In order to meet geological objectives and place the well exactly in the reservoir interval, such projects require technologically competent planning and outstanding delivery in terms of construction.

Drilling of such shallow wells opens up new prospects for the development of hydrocarbon reserves in the Venezuelan Orinoco Heavy Oil Belt. According to the geological analysis made by Rosneft and PDVSA, significant oil reserves are located in shallow formations. The company intends to further expand the use of advanced solutions to drill more efficient wells and access significant hydrocarbon reserves.

Currently Rosneft and PDVSA cooperate in the realization of 5 JV in the upstream sphere in Venezuela:

— Project Carabobo-2 (Petrovictoria JV): PDVSA via CVP, WI 60%; Rosneft, WI 40%

— PetroMonagas JV: PDVSA via CVP, WI 83.3%; Rosneftm WI 16.7%

— Project Junin-6 (PetroMiranda JV): PDVSA via CVP, WI 60%; NOC, WI 40% (Rosneft, WI 80% and Gazprom Neft, WI 20%)

— Boqueron JV: PDVSA via CVP, WI 60%; Rosneft, WI 40%

— Petroperija JV: PDVSA via CVP, WI 60%; Rosneft, WI 40%.

Total geological oil resources of these projects are estimated at more than 20.5 bln t.

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ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org

Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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