Venezuela has initiated a process to bolster its offshore exploration efforts by partnering with Geoex MCG, a UK-based subsurface data specialist, to conduct extensive seismic data acquisition across the country’s gas-rich offshore waters.
Geoex MCG Ltd announced the signing of a contract for the Multi-Client Seismic Project offshore Venezuela with The People’s Ministry of Petroleum (MINPET) on March 15. The project, designed to cover Venezuela’s entire offshore domain, includes the acquisition of up to 51,683 kilometers (km) of New Detailed 2D Seismic Data, up to 38,396 km of Reprocessed 2D Seismic Data, up to 4,565 km2 of Reprocessed 3D Seismic Data, along with extended Geochemical analysis.
According to Geoex, the seismic exercise is part of Venezuela’s broader campaign to reassess its hydrocarbon potential, with a focus on enhancing the certification of its gas reserves.
Following this seismic data acquisition, an announcement regarding the schedule for an offshore licensing round is expected.
Jean-Philippe Rossi, EVP of Geoex MCG, expressed enthusiasm for supporting the Ministry’s new development strategy, emphasizing the promising prospects for gas exploration in the northern region of the Perla gas field.
“We will utilize learnings from our experience in the Caribbean, notably the adjacent Caribbean Atlantic Margin Deep Imaging (CAMDI) dataset, to produce high-quality imaging products,” he continued.
Venezuela boasts significant oil reserves, reputedly the largest in the world. However, production has dwindled over the years. Geoex’s announcement said that notable discoveries have been made onshore and in the Lake Maracaibo area, extending into the offshore regions.
“The exploration efforts in Venezuelan waters, particularly demonstrated by the Perla field’s gas accumulations, are poised to encourage further ventures into the country’s offshore territories,” the statement said.