Virtual Live discussion : Calculating resource potential of Maracaibo and Eastern Venezuelan basins

U3 EXPLORE Venezuela Project

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Our seminar series continues with discussion of mature basins with emphasis on an assessment of the remaining potential of the producing properties and exploration upside. For the case-study, multiple producing plays of the NE margin of South America in Maracaibo basin and EVB have been analyzed. Most of the plays have sizable remaining resources, sit in rather complex tectonic and stratigraphic settings and have significant remaining potential as ~75% of the basin area has not been assessed or explored using modern methods.

Venezuela ranks first in yet-to-be-exploited national oil reserves (OPEC 2020), yet a combination of wide spread mismanagement of the oil and gas industry, geopolitical and security risks, the COVID19 pandemic, and US OFAC (Office of Foreign Assets Control ) sanctions have brought the once burgeoning Venezuelan oil and gas industry to state of hiatus. Looking forward, reactivation of the Oil and Gas sector will be essential to the country's economic recovery, and in this context a thorough understanding of the economics of potential opportunities will be an important driver in attracting private investment. The assessment of proven and yet-to-find resource volumes that will underpin that investment must be based on sound geologic understanding supported by regional and basin analyses and technical assessments that provide insight at both regional and local scales.

There must be a consistent understanding of basin and play styles, basin and field boundaries, and production records to assemble meaningful statistical datasets that reflect mature basin history and remaining potential. Understanding this long history of exploration and reserves growth is key in evaluation of business opportunities in the basin, where most fields are multi-pool and multi-play. To facilitate this, rather than using a creaming curve reflecting discoveries, a dataset of estimated 2P reserves has been compiled. This dataset reflects the exploration history of the region, evolution of play concepts and methods applied in exploration and production activities in EVB and Maracaibo basins from the early 1920’s to the early 2000’s.

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Live virtual discussion

This is a small group virtual round table designed to share the knowledge and experience of explorers.

Registration price is 25$

The purchase is final and non-refundable.

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