(Energy Analytics Institute, Aaron Simonsky, 16.May.2017) – PDVSA in alliance with Camimpeg (Compañía Anónima Militar de Industrias Mineras, Petrolíferas y Gas) and Southern Procurement Services (SPS) plan to boost production in Lake Maracaibo by more than 30,000 b/d with an investment of $400 mln, reported PDVSA in an official statement.
“There are more than 500 MMbbls to be developed at Urdaneta Field and we’re going to take it to its maximum production,” said PDVSA President Eulogio Del Pino during a signing ceremony at the Alí Primera Dock, located in La Cañada de Urdaneta municipality in Zulia state.
Del Pino said an unconventional financial model was being applied, for the first time in lake operations, through which “we pay upon services rendered, in this case, upon incremental barrel produced.” The model has been implemented in other areas, and will be replicated in other Lake Maracaibo fields, he said. The companies seek to increase production through the drainage of recoverable hydrocarbon reserves in the reservoirs, according to PDVSA. The alliance between CamimpegSPS and PDVSA calls for development of the Urdaneta Field located in Lake Maracaibo, as well as work at the Alí Primera Dock. Work activities include repairing boat facilities and installations, field optimization, safety reinforcement, drilling wells and recovery activities.
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