(Energy Analytics Institute, Jared Yamin, 14.May.2018) – Venezuela’s Ayacucho Block is one of four that comprise the Hugo Chavez Orinoco Heavy Oil Belt, also known as the Faja. Collectively, the four blocks, comprised of Boyacá, Junín, Ayacucho and Carabobo, contain the largest accumulation of heavy and extra-heavy crude oil (ECHO) in the world, according to PDVSA.
Ayacucho Block 1 contains estimated certified reserves of more than 5 billion barrels of extra-heavy oil, which serve as a guarantee to the Petro, the first Venezuelan cryptocurrency.
Ayacucho Block 1 spans an area of 380 square kilometers, and is located in the extreme northeast of the Ayacucho Division. Currently, 11 oil wells are functioning in the area where oil has an average API of 9.5 to 9.9 degrees, according to the state oil company PDVSA.
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