Report summaryCaracoles was awarded in PDVSA's Third Round of Operating Service Agreements (Marginal Fields or OSAs). This round offered shut in or low production fields to the industry for reactivation under the terms of a service contract.In 1997, China National Petroleum Corporation (CNPC) was awarded the block with a 100% interest. Initial targets for the block were to raise production from 1,600 b/d (the initial baseline production) to 50,000 or 60,000 b/d. However, the complicated geology and ...
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