Interviews
OVL & PDVSA form joint crude venture
10 Apr '08
4 min read
Further, to strengthen the cooperation between OVL and PDVSA, a Memorandum of Understanding (MOU) was also signed the same day to jointly develop oil & gas exploration and production projects.
San Cristobal project is located in the Zuata Subdivision of proliferous Orinoco Heavy Oil belt, in the Junin Norte Block in eastern Venezuela.
The Orinoco heavy oil belt holds one of the largest known accumulations of heavy oil in the world, covering an area of about 54,000 square km, 600 km in length in E-W and about 90 km width in N-S. Oficina formation (Middle Miocene) is the main reservoir, which occurs between a depth of 600 and 1,100 m.
This Joint Venture will also explore the potential of discovering more hydrocarbons in the unexplored area of the project.
In addition, the JV will also explore employing Enhanced Oil Recovery (EOR) techniques to improve oil recovery rate in the field. The EOR techniques have been successfully commercialized by ONGC in its western heavy field in India.
Venezuela is one of the largest oil producing countries in the world, with about 87 billion barrels of proven conventional oil reserves (OPEC 2006).
In addition, it has a huge non-conventional oil deposits (heavy oil). Most of these deposits are located in the Orinoco oil belt.
The participation of OVL in the San Cristobal project is expected to open more avenues for bilateral cooperation. OVL has also entered into a Technological Cooperation Agreement with PDVSA CVP for joint research and training activities.
Under this Agreement ONGC has trained a batch of drilling engineers from PDVSA through a customized 25-week long course.
This, for the first time, covered the deep sea operations of ONGC. The training was imparted at ONGC's premier training institute at Dehradun.
Earlier Shri Deora had an important bilateral meeting with his counterpart from Venezuela. The meeting lasted for more than an hour, in which the two Ministers discussed possibilities of further cooperation in upstream activities, refinery projects, gas transportation and distribution, technical services including providing training to more oil & gas personnel of Venezuela, etc.
Petroleum Secretary Shri M S Srinivasan, Ambassador of India to Venezuela Shri Y. K. Sinha, CMD ONGC Shri R S Sharma and MD OVL Shri R S Butola also attended from Indian side.
San Cristobal project is located in the Zuata Subdivision of proliferous Orinoco Heavy Oil belt, in the Junin Norte Block in eastern Venezuela.
The Orinoco heavy oil belt holds one of the largest known accumulations of heavy oil in the world, covering an area of about 54,000 square km, 600 km in length in E-W and about 90 km width in N-S. Oficina formation (Middle Miocene) is the main reservoir, which occurs between a depth of 600 and 1,100 m.
This Joint Venture will also explore the potential of discovering more hydrocarbons in the unexplored area of the project.
In addition, the JV will also explore employing Enhanced Oil Recovery (EOR) techniques to improve oil recovery rate in the field. The EOR techniques have been successfully commercialized by ONGC in its western heavy field in India.
Venezuela is one of the largest oil producing countries in the world, with about 87 billion barrels of proven conventional oil reserves (OPEC 2006).
In addition, it has a huge non-conventional oil deposits (heavy oil). Most of these deposits are located in the Orinoco oil belt.
The participation of OVL in the San Cristobal project is expected to open more avenues for bilateral cooperation. OVL has also entered into a Technological Cooperation Agreement with PDVSA CVP for joint research and training activities.
Under this Agreement ONGC has trained a batch of drilling engineers from PDVSA through a customized 25-week long course.
This, for the first time, covered the deep sea operations of ONGC. The training was imparted at ONGC's premier training institute at Dehradun.
Earlier Shri Deora had an important bilateral meeting with his counterpart from Venezuela. The meeting lasted for more than an hour, in which the two Ministers discussed possibilities of further cooperation in upstream activities, refinery projects, gas transportation and distribution, technical services including providing training to more oil & gas personnel of Venezuela, etc.
Petroleum Secretary Shri M S Srinivasan, Ambassador of India to Venezuela Shri Y. K. Sinha, CMD ONGC Shri R S Sharma and MD OVL Shri R S Butola also attended from Indian side.
Press Information Bureau Government of India
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