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Oil & Gas

Chevron to Tap Carabobo Oil in 2012

June 30, 2011
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reports that Chevron Corp. expects the start-up of an oil field in Venezuela’s Orinoco Belt next year. Chevron believes it can commence production from Orinoco’s Carabobo Project 3, which has estimated reserves of 66 billion barrels, in September 2012. The Orinoco Belt, estimated to hold more than 500 billion barrels of recoverable extra-heavy crude, is widely thought to be the world’s largest liquid hydrocarbon reserve. Chevron holds a 34 percent interest in Carabobo Project 3, while Venezuelan national oil company Petroleos de Venezuela S.A. (or PDVSA) controls 60 percent. The remaining stake is owned by Venezuelan and Japanese firms. Following the first production of 50,000 barrels per day, Chevron is looking to boost volumes by an additional 50,000-100,000 barrels per day every two years. Carabobo 3, one of several Orinoco projects, is estimated to reach a maximum output of approximately 400,000-480,000 barrels of crude oil per day by 2016.

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