Source: ABN
San Tomé, Anzoategui, September 19, 2006.- Drilling works in the block Ayacucho 7 of the Orinoco strip, located in camp Kuricapo, 125 km from San Tomé town, started on Monday.
Oil reserves in the Orinoco area are estimated at 235 billion barrels which make Venezuela the country with the greatest oil natural reserve in the world.
President of the Bolivarian Republic of Venezuela, Hugo Chávez, and President of the Islamic Republic of Iran, Mahmud Ahmadineyad, attended this ceremony. Both leaders unveiled a plaque commemorating the beginning of the operations.
This is the first drilling carried out by the Venezuelan state owned company (Pdvsa) and the Iranian Oil Company (Petroparts). This drilling work belongs to an accord signed between both companies to execute a study of qualification and certification of the oil reserves in block Ayacucho 7.
Oil exploration is a fundamental point in the memorandum of understanding signed between Venezuela and Iran on March 11th, 2005.
Quantification and certification process in the reserves of the Orinoco strip belongs to the Magna Reserve project, which is aimed to increase the Venezuelan oil reserves.
The Orinoco oil strip is about 55,314 km². It is divided into four exploration areas: Boyacá, Junín, Ayacucho and Carabobo; which are divided into 27 blocks.
|
|
Venezuela and Iran start drilling works in the Orinoco oil strip