PdVSA And Repsol Complete Junin 7 Reserves Tally

State-owned Petróleos de Venezuela (PdVSA) and Spanish major Repsol YPF have completed a joint reserves assessment for the Junin 7 field in the Orinoco heavy oil belt. Using data from five wells drilled in the 1980s and five wells drilled in 2008-2009, the partners have estimated that the 502sq km block contains reserves of 31bn barrels (bbl) of oil with an API gravity range of 7-8 degrees. Around 20% of the reserves, i.e. 6.2bn bbl, are thought to be recoverable.

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