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.

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Table of contents

Tables and charts

This report includes 31 images and tables including:


  • 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
  • Drilling activity by well type
  • Discoveries and success rate
  • Exploration and appraisal spend
  • TYP value creation, spend and volume discovered
  • Outlook value creation, spend and YTF volume
  • Early Oligocene
  • Late Eocene (deep)
  • Unit value of potential discoveries
  • Breakeven price of exploration
  • Unit value of potential discoveries
  • Breakeven price of exploration


  • Key play data
  • Assumptions
  • Price assumptions
  • Geology: Table 1
  • Top discoveries (TYP period)
  • Costs: Table 1
  • Typical fiscal terms
  • Reserves and resources: Table 2
  • Reserves and resources: Table 3
  • Development: Table 1
  • Late Eocene (deep)
  • Economic analysis: Table 1
  • Economic analysis: Table 2
  • Economic analysis: Table 3

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