Venezuela Columbus exploration basin Report

Asset Report 30 January 2020

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Report summary

The Venezuelan portion of the Columbus Basin - commonly known as the Plataforma Deltana - is on trend with the prolific gas plays in Trinidad & Tobago. Exploration in the Venezuelan sector of the basin has been minimal compared to its neighbour. There are currently no existing developments and a lack of infrastructure in this sector of the basin, which leads to high costs. Despite an agreement in place to jointly develop the Loran-Manatee cross-border field, there has been no movement in recent years towards development. The likelihood of exploration in the near term is minimal, given the economic and political crisis in Venezuela. In our modelling of gas prospects in the basin, domestic prices are too low to support future exploration and development.