Petroleos de Venezuela (PDVSA), through its Corporacion Venezolana del Petroleo (CVP) subsidiary, signed an agreement with Lukoil Overseas Holding to structure the technical teams, which will undertake the study, and quantification of the crude reserves contained In Block Junin III of the Orinoco Oil Belt.
The signing of the agreement took place at the PDVSA offices in Puerto La Cruz, State of Anzoategui, with the presence of CVP president Eulogio Del Pino and his executive team. The Russian energy corporation’s delegation was headed Lukoil’s Operations vice-president Azat Shamsuarov.
The PDVSA-Lukoil agreement brings together experience and proven technology to deepen the strategic alliances established by the Russian Federation with regard to heavy and extra-heavy crudes. This initiative further consolidates the energy agreement entered into by the governments of Venezuela and Russia for the interchange of experience and technology in relation to exploration for and production of various types of crude, including heavy and extra-heavy crudes.
For PDVSA Internal Director Eulogio Del Pino, the confidentiality agreement covering the study and certification of part of the national reserves meets a requirement of the Sowing the Oil Plan, which considers that “seven blocks of the Orinoco Oil Belt are to be evaluated with strategic partners, within the context of the multipolar strategy in which the State is engaged vis-a-vis Venezuelan oil and the use of our resources”.
To be selected during the coming weeks, the technical teams are expected to begin work this November at INTEVEP, Petroleos de Venezuela’s research and development subsidiary. “ We expect the task to be completed over an 18-month period”, Del Pino said.
The work initially entails the evaluation and quantification of Block Junin III under the technical coordination of CVP staff and the Energy and Petroleum Ministry’s supervision, the next stage being the certification of the reserves volume contained in this 640 square-kilometer area located in Anzoategui.