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The Maturín Basin in eastern Venezuela is considered a good example of a peripheral foreland basin. Earthquake and tomographic data indicate that eastern Venezuela is affected by the oblique subduction of the South American Plate underneath the Caribbean Plate. New forward flexural isostatic modeling of eastern Venezuela has been carried out in order to determine whether the Maturín Basin was generated purely by thrust sheet loading from the Serranía and Monagas Foreland Thrust Belts. A sequence of forward models from middle Miocene to Present was generated for 3 profiles across the Serranía del Interior Thrust Belt, the Monagas Foreland Thrust Belt, and the Maturín Foreland Basin. The predictions of these models are constrained using seismic reflection and well data. The flexural isostatic modeling shows that thrust sheet loading associated with the Serranía del Interior and Monagas Foreland thrust belts is insufficient to generate the observed subsidence within the Maturín Basin. Dynamic fluid flow modeling of subduction related dynamic topography of eastern Venezuela has been used to investigate the influence of South American Plate subduction on the generation of the accommodation space observed in the Maturín Basin. Fluid flow modeling of subduction related dynamic topography suggests that the subduction of the South American lithospheric mantle caused downward deflection of the South American crust affecting the Maturín Basin and the Serranía Thrust Belt. This modeling suggests that the Maturín Basin subsidence has two components: 55% related to thrust sheet loading and 45% driven by continental subduction.

Recent regional studies have indicated that a resource potential greater than 40 BBOE remains to be found in Venezuela. Evidence for new petroliferous provinces that hold this potential will be presented in this paper.Venezuela is a showcase for the exceptional foredeep basins of northern South America, together with outstanding oil source rocks and reservoirs next to unconformities within these foredeeps.In the southwest of the country, sandstones above and below the foredeep unconformity, form potential strat-traps, a possible western extension of the prolific Eastern Venezuelan Basin (EVB). This would be an exceptional area to evaluate weathered/fractured basement plus Jurassic fills of half grabens located below the passive margin sequence. Also in the west, the northern and southern flanks of the Mérida Andes, with 70 oil seeps, remains virtually unexplored.Of importance are: the 25.000 feet of mostly Neogene sediments offshore the Orinoco Delta where five wells have tested 5 TCF and condensate; a 100 mile long diapir wall in the middle of the EVB with three major fields, and the 70 mile long downthrown Anaco inverted structure, tested in two localities. The mountain fronts to the north are being drilled to evaluate the northern extension of the giant Furrial trend and a new thrust play to the northwest.The 150.000 sq km offshore area has only 50 wildcats, most drilled as tests for conventional traps; however, complex strike-slip structures, strat-traps and deep water plays could exist. Oil seeps and shows in wells indicate this is an oil prone basin.

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