Venezuela--state oil giant Petroleos de Venezuela (PDV) says it has found new oil reserves in the western Lake Maracaibo region, where the company's output has been declining.(Brief Article)

Petroleum Intelligence Weekly | June 27, 2005 | Copyright

VENEZUELA -- State oil giant Petroleos de Venezuela (PDV) says it has found new oil reserves in the western Lake Maracaibo region, where the company's output has been declining. The new finds include the 4,000 b/d Franquera 1X field on the eastern shore of the lake to the south of the giant Tomoporo field, which is slated to produce 250,000 b/d by 2008. Two other wells at the Barua-Motatan field, also in the Maracaibo area, are expected to add another 12,000 b/d. ...

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