Report summaryThe Carabobo Project 1 covers two blocks, Carabobo-1 Norte and Carabobo-1 Central. The blocks are located in the eastern area of Venezuela's Orinoco heavy oil belt (also as known as the Faja) and neighbour the Petromonagas (Cerro Negro) heavy oil project. The Faja is the world's largest heavy oil deposit with oil in place of 1,300 billion barrels. The project first began production via one well in December 2012. The partners hope to achieve a production plateau of approximately ...
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