Venezuela to Assess Maracaibo Oil Reserves

Caracas, Oct 22 (Prensa Latina) The
quantification of four billion barrels of crude oil reserves in
Maracaibo Lake is part of the Venezuelan oil strategy, aimed at
producing 5.8 million barrels daily by 2012.

The study will be made by INTEVEP, a subsidiary of PDVSA state oil company.

The Related investment is estimated at about 420 million
dollars, for an area of 12,600 square kilometres, and another of 1,200
square kilometres.

The project aims to add in new crude oil reserves, and
design mechanisms for the better recovery of existing inventories in
the zone.

The strategy is included in the so called Oil Sowing Plan,
which envisages the sustained increase in oil production from the
current 3.2 million barrels daily up to 5.8 millions by 2012.