Venezuelan oil field revival bids won

Journal Article · Mon Jun 29 04:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:6993830

This paper reports that four private sector companies or combines will operate inactive oil fields in Venezuela under state owned Petroleos de Venezuela's marginal field reactivation program. The award of operating contract to winning bidders marks the first time private companies will be allowed to produce crude oil in Venezuela since nationalization of the industry in 1976. Winning bidders have committed a total of $720 million in investments to the program during the 1990s. Current plans call for drilling 670 appraisals and development wells, conducting 250 workovers and well repairs, and conducting about 2,9000 line km of seismic surveys. Venezuela's energy ministry is targeting a production level of 90,000 b/d by the end of the decade from the reactivated fields.

• OSTI ID: 6993830
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:26; ISSN OIGJAV; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020200 -- Petroleum-- Reserves
Geology
& Exploration
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
BIDS
CONTRACTS
DEVELOPING COUNTRIES
DRILLING
ECONOMIC ANALYSIS
ECONOMICS
GEOLOGIC DEPOSITS
GEOPHYSICAL SURVEYS
INDUSTRY
INVESTMENT
LATIN AMERICA
MINERAL RESOURCES
OIL FIELDS
PETROLEUM DEPOSITS
PETROLEUM INDUSTRY
PLANNING
RESOURCE DEVELOPMENT
RESOURCES
SEISMIC SURVEYS
SOUTH AMERICA
SURVEYS
VENEZUELA
WELL DRILLING