Over the last 60 years, the Eastern Venezuelan Basin has been heavily explored with giant oil accumulations being developed in such areas as Oficina, Anaco, Quiriquire and the Orinoco Oil Belt in the states of Anzoategui and Monagas. Since 1986, interdisciplinary studies and seismic interpretations have led to discovery of a trend of deep structures on the northern flank of the basin, some of them beneath old early Tertiary producing fields. The first exploratory well, FUL-1, tested 12000 BOPD of 28 ~ API crude. The new reservoirs consist of massive sandstones of the Eocene Caratas Formation and Oligocene Naricual and Los Jabillos Formations between depths of 13 000 and 17 000 feet. The main structures placed in a thrust fold belt as a series of anticlines, extending over 100 km across Northern Monagas; currently four wells are being drilled and six more exploratory wells are planned to be drilled in the new future. To date over 1900 MMBBLS of reserves have been discovered, and possible reserves for the area are close to 8.6 billion BBLS.
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