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TOTAL Reports New Discovery on the Jusepin Permit in Venezuela |
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| Sep. 01, 98 |
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TOTAL, operator on the Jusepin permit in eastern Venezuela, has successfully completed an exploration well confirming the existence of a second structure on the permit. The new discovery, called Cotoperi, is located about ten kilometers from the Jusepin production field.
Three production tests conducted on the Cotoperi well yielded a flow rate of approximately 7,650 barrels per day (b/d) of high-quality 34ˇ API crude. Further evaluation work will be carried out to assess the discoveryŐs potential.
The Jusepin field, operated by TOTAL (55%), in a partnership with Amoco (45%), currently produces 35,000 b/d from three wells. Elsewhere in Venezuela, TOTAL and Amoco are partners on the Punta Pescador exploration permit, located north of the Orinoco delta, where an initial exploration well is currently being drilled.
TOTAL, with a 47% interest, is also leader of the Sincor Project to develop extra-heavy crude oil from the Orinoco belt. Output from the project, which represents an investment of $3.6 billion, will plateau at 200,000 b/d of extra-heavy crude oil over a period of 35 years. The Sincor project was officially launched last August 24 when a $1.2 billion financing agreement was signed with an international banking syndicate.
The Cotoperi discovery is expected to further strengthen TOTALŐs presence in Venezuela, which already represents a major growth area for the Group's oil reserves and production. |
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