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Carabobo 1

Project Stages

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Early Works
In Construction
Operation
Current Stage In production - under development
Start:01/2010
Project Details

Description

Carabobo 1 is an onshore project being developed by Petrocarabobo, a joint venture that holds a 40% stake and was originally composed by Repsol (11%), Petronas (11%), ONGC Videsh Limited (11%), Indian Oil Corporation (3.5%) and Oil India Limited (3.5%), in conjunction with state oil company PDVSA (60%). Petronas has withdrawn from the project as of September 2013. ONGC Videsh Ltd along with Oil India Corp have then mulled to buy Petronas stake at the project. The areas on this license are Carabobo 1 Centro and Norte. Initial investment by Petrocarabobo JV was US$1.05bn and at the end of 2013 the field was producing 30,000b/d. The Carabobo oil block is part of the Orinoco oil belt, one of the largest hydrocarbons and crude oil reserves in the world. The Orinoco belt extends 55,314km2 and is divided into four areas: Boyacá, Junín, Ayacucho and Carabobo. The Carabobo block is split into three zones: Carabobo 1, Carabobo 2, and Carabobo 3. The region has a 257 billion barrels of proven heavy oil reserves.

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  • * Figures and dates are as per the latest publicly available information, as well as information gathered by BNamericas reporters and analysts and are subject to change.

  • * Changes to original budget estimates are shown as the total figure available and may include interest, working capital, inflation adjustments and other contingencies in addition to capital expenditure.

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Key Specs

Full Name
Carabobo 1
Project Type
Conventionals, Crude oil, Exploration, Onshore, Upstream
Development Phase
In production - under development
Project Status
Active
Project Capacity
 Conventionals
400  b/d (barrels per day)  Crude oil
 Exploration
 Onshore
 Upstream
Location

Carabobo 1 is in the Carabobo block, in the states of Anzoátegui and Monagas, by the Orinoco river and 450km from Caracas, Venezuela.

* The map coordinates provided above represent the approximate latitude and longitude, and not the exact location, of the project in question.

 


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Owner / operator
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Executive Director-Chief Corporate Finance
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Investor Relations, Marke Intelligence
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