Oil & Gas - Venezuela

Newly acquired rig to drill 3 wells on Cabimas

Newly acquired rig to drill 3 wells on Cabimas

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Venezuela's Petrocabimas joint venture is planning a new production campaign at the Cabimas field that entails 2D and 3D seismic work and drilling at least three wells, oil service provider and JV member Suelopetrol said in a statement.

The JV is installing the newly-acquired, 1,200hp IDEAL 75 rig on site. Drilling will focus on the Arenas B Superior del Eoceno area, aiming to increase production of 21-degree API crude.

Suelopetrol's drilling division will operate the rig in Cabimas under a five-year contract, also lending the equipment out to state oil company PDVSA and its subsidiaries. The service provider is recruiting Venezuelan personnel for the new campaign.

"Between 1998 and 2000, 49 wells were drilled in the Cabimas field and 68 reconditioned," Suelopetrol administration and finance VP Alejandro Vicentini said. "In 2005, the last three wells were drilled."

Suelopetrol is one of the largest service providers in Venezuela and has a 40% stake in the Petrocabimas JV. PDVSA holds the remaining stake.