Asset Report
Venezuela Maturin exploration basin
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Report summary
Nearly 51 billion barrels of recoverable oil have been discovered to date in Venezuela's mature Maturin basin. Finds by PDVSA in the last decade and earlier, such as El Furrial (Deep) and Tacata (Deep), have demonstrated the prospectivity of the deeper Late Eocene Lower Naricual and Capaya formations. This analysis looks at the future potential of these deeper reservoirs, as well as the shallower Early Oligocene Naricual and the Lower to Middle Miocene Oficina formations, where the majority of exploration has been focused to date. However, exploration by PDVSA seems unlikely to resume for several years given the company's current position. Beyond that, activity levels are expected to remain low, constraining the overall materiality of yet-to-find oil resources. Associated gas has little value in the basin, since any produced gas must be sold to PDVSA and receives a minimum price, most likely less than the cost of production.
Table of contents
- Key facts
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Summary and key issues
- Key issues include:
- Location maps
- Participation
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Geology
- Key play characteristics
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Exploration
-
Reserves and resources
- Volumes discovered
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Yet-to-find potential
- Play creaming curve and key play data
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Development
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- Yet-to-find costs and underlying development assumptions
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Costs
- Summary of discovery and development costs
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Fiscal and regulatory
- Licensing
- Fiscal terms
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Economic analysis
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TYP and outlook economics
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Prospect economics
- Early Oligocene
- Late Eocene (deep)
- Expected monetary value
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Prospect economics
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TYP and outlook economics
Tables and charts
This report includes 31 images and tables including:
- Key play data
- Assumptions
- Price assumptions
- Value creation versus investment (TYP period)
- Value creation versus investment (outlook)
- Exploration wells by play
- Licensed exploration acreage
- Expiry forecast of current licences
- Commerciality index
- Geology: Table 1
- Drilling activity by well type
- Discoveries and success rate
- Top discoveries (TYP period)
- Costs: Table 1
- Exploration and appraisal spend
- Typical fiscal terms
- TYP value creation, spend and volume discovered
- Outlook value creation, spend and YTF volume
- Early Oligocene
- Reserves and resources: Table 2
- Late Eocene (deep)
- Reserves and resources: Table 3
- Development: Table 1
- Late Eocene (deep)
- Economic analysis: Table 1
- Economic analysis: Table 2
- Economic analysis: Table 3
- Unit value of potential discoveries
- Breakeven price of exploration
- Unit value of potential discoveries
- Breakeven price of exploration
What's included
This report contains:
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