Mariscal Sucre production plan announced
Offshore staff
(Venezuela)-Venezuela's state oil and gas company PDVSA expects the offshore Mariscal Sucre gas project to be producing 600 MMcf/d of gas by 1Q 2008. This goal, announced by PDVSA manager for offshore projects Carlos Figueredo, is part of a larger plan to ramp up production in the field to 1.2 bcf/d.
This plan calls for investments of approximately $2.7 billion, which will be shared between PDVSA and the project's co-developer, Petrobras. The companies ratified memorandums of understanding (MOUs) in late September for the Mariscal Sucre project, as well as joint operations in the Orinoco belt region and other fields.
Negotiations should conclude between the two companies in January 2006 for the development of the Rio Caribe, Mejillones, Patao and Dragon fields in the Sucre area. The total reserves of natural gas are estimated at 11 tcf.
Development of the Sucre region is part of Venezuela's natural gas strategy to substitute liquid fuels for gas in electricity generation and manufacturing of petrochemicals. It is estimated that initial production volumes in the field will be sufficient to cover the country's current natural gas deficit of 500 MMcf/d.
11/04/2005