ERE Spring Seminar Series-Karem Khan
PDVSA - Dirección Oriente (East Division)
Title: "Development History and Reservoir Management Challenges of a Giant Oil Field: El Furrial Field, Venezuela"
Based on data from BP’s statistical review of world energy (published June 2012), Venezuela has 18% (296 Billion Barrels) of global proved oil reserves followed by Saudi Arabia with 16% (265 Billion Barrels). This presentation starts with a high level overview of Venezuela’s portfolio of assets and projects and continues with a focus on the development and operation of one of Venezuela’s giant oil fields. The field currently produces 320 MBD, which represents 10% of Venezuela’s daily oil production. El Furrial field, located in the Eastern Part of Venezuela and operated by PDVSA, is considered to be a giant field with 8.6 Billion Barrels OOIP. The field operated at a plateau rate of about 400 MBD for almost 18 years under a combination of down-dip water injection and up-dip gas injection. The recovery process has benefitted from the steep reservoir dip (about 20 degrees) and the efficiency of water and gas injection recovery of medium gravity oil. The present recovery factor is 39% and the estimated ultimate recovery factor is 53%. The reservoir management challenges of operating post-plateau are discussed.