September 22, 2005
Canadian oil company PetroFalcon says crude reserves in Venezuela's Falcon state could double

(BNamericas.com) - "Canadian oil company PetroFalcon and its Venezuelan subsidiary Vinccler Oil and Gas have announced that the LV-10 well on the La Vela field in western Venezuela's Falcon state could add 20 million barrels (Mb) of oil reserves to the 20Mb already found in the field.

Vinccler Oil and Gas discovered a shallow oil and gas field in the southern part of the La Vela structure, PetroFalcon said in a statement.

The structure also contains an estimated 25 billion cubic feet (Bf3) of natural gas reserves. In 2003, PetroFalcon said there were 133Bf3 of natural gas reserves in La Vela.

The LV-10 well was drilled to a depth of 2,310 feet and tested at a rate of 371 barrels of a day (b/d) of 35 API oil and 2.9 million cubic feet a day of gas (Mf3/d).

This grade of crude is very light, especially for western Venezuela, as light crude is usually found in the eastern past of the country.

Production at La Vela is currently 817b/d, so LV-10 plus two other wells drilled earlier this year could practically double that output".