Venezuela’s Dubokobi Heavy Oil Field Joint Project
Dubokobi Heavy Oil Field of Venezuela is located in East-South of Altigre City in the northern edge of Ornico oil belt on the eastern section of Venezuela. This oil field measures about 353 square km in area and holds heavy oil of 12API grade which may be produced after adding diluter.
Petropars entered into an agreement with Venezuela’s oil company, the so-called PDVSA, to initially carry out study the operations on this field in order to increase API heavy oil production from 11,000 barrels per day to 38,000 barrels per day upon drilling of 214 wells and initial separation of water and gas from oil in the on-shore facilities and establishments. Then the oil so produced using diluter was scheduled to be transferred to the located specified by Venezuela’s PDVSA.
Petropars has undertaken to contribute some 26% out of the total investment required to be made for the development of this field and to this end about USD 175 million in cash will be required (actual rates in 2008).
In 2009, Petropars procured 10% of the shares of the joint venture developed for participation in exploration and development of North Cabinda on-shore oil field of Angola. The joint venture comprised ACERP, SOCO, Inpex Group, ENI, Sonangol P&P, and China Sonangol. This is the first international participation by Petropars in which Petropars acts as a non-operator in the process of exploration and development to be carried out within a joint venture. The Employer of this project is Angola’s oil company. The so-called Sonangol has entered into a joint venture agreement for production and presently the project is passing through the final stages of exploration which was scheduled to be carried out in 60 months.
North Cabinda Exploration Project, which is located in the North of Angola, measures 2,400 square km in area and is expected to contain light oil.