Bloque VII Ceuta

Location

The Bloque VII Ceuta oil project is located in the Zulia State, specifically in the Lake Maracaibo area of western Venezuela.

Geological Context

The project involves the Eocene C-Sup VLG3676 reservoir, which is one of the most important oil reservoirs in Western Venezuela. This reservoir is characterized by high lateral sedimentological heterogeneity, which complicates reservoir modeling and simulation.

Reservoir Characteristics

• The Eocene C-Sup VLG3676 reservoir exhibits significant geological complexity, including high heterogeneity in its sedimentological structure. This requires advanced reservoir simulation techniques to accurately predict and manage the reservoir's behavior.

Technical Approaches

• The project employs coupled compositional and geomechanics reservoir simulation. This approach integrates the compositional fluid flow with geomechanical effects, which is crucial for understanding the dynamic behavior of the reservoir and optimizing production strategies.

Exploration and Production

• High-impact palynology (HIP) has been applied in the Maracaibo Basin, where Bloque VII Ceuta is located, to enhance exploration and production activities. This involves high-resolution sequence biostratigraphy, multidisciplinary work, and alignment with business goals to improve regional planning, risk reduction, and optimal drilling decisions.

Operational Context

• The project is part of the broader oil and gas activities in the Maracaibo Basin, which have been a focus for several companies, including those involved in joint ventures with Petróleos de Venezuela, S.A. (PDVSA).

Recent Developments

• The outlook for oil projects in Venezuela has improved recently due to changes in the political and social situation and the easing of coercive measures by the US government. For example, the Office of Foreign Assets Control (OFAC) granted General License 44 in October 2023, allowing oil and gas operations in Venezuela under certain conditions. This has facilitated agreements such as the new management agreement for the Petroquiriquire joint venture, which could positively impact projects like Bloque VII Ceuta.

Acreage

• The Bloque VII Ceuta project covers an area of approximately 1,844 km².

By combining these points, the Bloque VII Ceuta oil project is a significant oil exploration and production venture in western Venezuela, characterized by complex geological conditions, advanced technical approaches, and a context influenced by both local and international regulatory developments.