Urdaneta Oeste

Urdaneta Oeste Oil Field Profile

Location

The Urdaneta Oeste Oil Field is located offshore in northwest Venezuela, near the western margin of Lake Maracaibo. The exact coordinates are approximately 10.1115, -71.8186 (WGS 84).

Project Details

• Status: Operating
• Operator: Petroregional del Lago, S.A.
• Owners: PDVSA (60.0%) and Shell (40.0%).
  • Note: While Shell is mentioned as an owner, recent updates indicate that Maurel & Prom (M&P) also has a working interest in the field, although the exact ownership structure involving M&P is not specified in the primary sources.

Discovery and Production History

• Discovery Year: 1955
• Production Start Year: Not specified, but the field has been in operation for several decades.

Reserves

• 1P Reserves (Oil): 1,342 million barrels (as of 2015).
• 1P Reserves (Total Liquids): 1,527 million barrels (as of 2004).

Production

• Oil Production: 20.07 million barrels per year (as of 2015).
• Total Liquids Production: 50.37 million barrels per year (as of 2004).
• Current Production:
  • M&P Iberoamerica's working interest oil production stood at 5,753 barrels of oil per day (bopd) for the first nine months of 2024.
  • By the third quarter of 2024, production increased to 6,428 bopd, and by the end of September 2024, it was around 7,600 bopd on an M&P Iberoamerica working interest basis (approximately 19,000 bopd for 100% interest).

Future Production Targets

• The target is to increase production to 10,000 bopd on an M&P Iberoamerica working interest basis (gross production of 25,000 bopd) by the end of 2024. The frequency of liftings is expected to increase to one cargo (around one million barrels) per month from November 2024 and will continue to rise in 2025 in line with production growth.

Field Size and Geology

• The field covers an area of approximately 36 km x 40 km (22 mi x 25 mi).
• It is part of the La Luna/Río Negro petroleum system in the Lake Maracaibo Basin, with studies focusing on the timing of hydrocarbon generation in this region.

Historical Context

• The Urdaneta Oeste field was originally offered to the private sector during PDVSA's Second Marginal Fields licensing round in 1993.

Recent Activities

• Rehabilitation of compression facilities and well interventions have been carried out since July 2024, leading to a significant increase in production.
• Despite a temporary suspension of operations for three weeks in September 2024, production has resumed and returned to normal levels in early October 2024.