Project Profile
Value: US$20 billion
Location: Eastern section of the Faja
Reserves: >100 billion barrels (Carabobo area)
Reserves: 31 billion barrels (Carabobo-1 project)
Production: 30,000 bpd (2013)
Start-up Year: December 2012
The Carabobo area, located in the eastern section of the Faja, has a massive resource potential and is part of an extensive reserve certification process led by PDVSA. The US Geological Survey, in a recent report has estimated mean volume of recoverable heavy oil in the Faja to be as high as 513 billion barrels which is one of the few global opportunities open to private investment.
The Carabobo-1 project involves the development of two production blocks - Carabobo-1 Norte and Carabobo-1 Centro. First oil was produced from the well CGO-0005 in December 2012.
More than 40 development wells have been planned to be drilled with two drilling rigs. It is expected to produce about 400,000 bpd by 2018.
Operators:
Petrocarabobo a Joint Venture formed between:
ONGC Videsh Limited: 11% interest
Indian Oil Corporation Ltd.: 3.5% interest
Oil India Limited: 3.5% interest
Repsol YPF: 11% interest
PDVSA: 71% equity interest
Contractors:
Technip: FEED contract and phase 1 project management consultancy services for the upgrader facility (April, 2012)
Y&V: Drilling contract (September, 2016)