Sitio Web de Suelopetrol

Production

Venezuela

Suelopetrol shares a working interest with the State Petroleum company “PDVSA” in the mixed enterprise “Petrocabimas”, a company that owns the exploration and production rights and operates the Cabimas Field in the Zulia state, in western Venezuela producing today around 6.300 barrels of oil per day plus 10 million cubic feet of gas. The Cabimas field has over 290 MM BLS of recoverable proven + probable oil reserves with a large exploration potential assures an increase of production in the coming years,  Suelopetrol entered the Cabimas Contract as its operating contractor in 1997 with a 10% interest, managing the exploration and production activities in the field, which has an extension of 136 kms2.  In 2004, Suelopetrol acquired 90% share participation to operate 100% the Cabimas Field. Petrocabimas was then formed in April 2006 following the migration from the Operative Agreement to Mixed Enterprise. Currently Suelopetrol’s participation is 40% and PDVSA’s is 60%. One of the special characteristics of the Cabimas Field is that it is located within the city of Cabimas and its operation implies to maintain an excellent relationship with the surrounding communities, strong security controls and special environmental conservation. The Cabimas Field is part of the Campo Costanero Bolivar, famous since 1922 because the well Barroso 2 is there and that well showed the world the Venezuelan’s hydrocarbons potential.  Recently, Suelopetrol C.A. in Consortium with USA’s Chevron, and Japan’s Mitsubishi & Inpex, was awarded Project #3 of the Carabobo Fields in the Orinoco Heavy Oil Belt.

CABIMAS FIELD PROFILE:

CARABOBO PROJECT #3:  comprised by "Bloque Carabobo 2 Sur", "Bloque Carabobo 3 Norte" & "Bloque Carabobo 5", the "Carabobo Project # 3"  holds a massive 60 Billion barrels of "proven" OOIP (Original Oil in Place) representing close to 12 Billion barrels of oil in "proven" recoverable reserves, out of which at least 5 Billions barrels of 8,5º API will be produced, upgraded to 19º - 22º API and comercialized during the 40 year contract.

Ecuador

The Pucuna and Singue fields are located in Northern Ecuador within the Oriente Basin. Production comes from the Napo and Hollin Formations (Cretaceuos age) and the Deposition Environment consists of Fluvial Sandstones. Production mechanism is Rock and Fluid Expansion and Water Drive and reservoir depth is between 7000’- 8000’ with crude at an API of 30º for Pucuna and 25º for Singue. Current Production is at 2.700 BOPD in Pucuna. The fields have historically accumulated 19 MM BLS and have certified remaining reserves of 27,7 MM BLS (2P).

United States

The Hardin field is located in Liberty County, State of Texas, U.S. within the Gulf Coast Basin. Production comes from the Yegua and Cook Mountain Formations (Eocene age) and the deposition environment consists of Fluvial Stacked Distributaries Channels and Barrier Sands and the production mechanism is Water Drive and Rock and Fluid Expansion.  Reservoir depth is between 7200’ and 7500’ with current production is at 200 BOPD 37- 48 APIº + 500 MCFD through 23 wells. Production will reach 3.200 BOPD in 2015 according to our development plan under the current JOA operated by Crawford Energy. The field has historically accumulated 80 MM BOE since 1937 and Remaining Reserves are at 11 MM BLS (Proven + Probable) + 23 MM (Possible).

Mexico

Suelopetrol has an important % stake in Monclova Pirineos Gas (MPG), a services company that holds two PEMEX infrastructure and service operations contracts (COPF), one directly for the Pirineo Block, awarded on April 18 2005, currently producing 45 MMCFPD, expected to reach 130 MMCFPD in 2012, and another through MPG's % participation and operating JV with IHSA (Iberoamericana de Hidrocarburos S.A. de C.V.),  operating the Nejo Block since 2007, currently producing 130 MM CFPD and 10.000 barrels of oil condensate, expected to reach 350 MMCFEPD in 2012. Both fields have combined reserves of over 500 BCF.  In 2006-2009 MPG/IHSA executed works for US$ 31 MM, US$ 46 MM, US$ 102 MM and US$ 98 MM respectively in Pirineo, and in 2008-2009 for US$ 95 MM and US$ 235 MM in the Nejo Block. For more information visit www.mpg-ihsa.com.mx