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BP SET TO RE-ACTIVATE VENEZUELAN OIL FIELD

 LONDON, March 15 /PRNewswire/ -- British Petroleum announced today that it had reached agreement with the Venezuelan state oil company, PDVSA, over the re-activation of the Pedernales oil field in the Orinoco Delta.
 The field has been out of production since the mid-1980s. The agreement for re-development represents the first upstream involvement of any major international oil company in the Venezuelan oil industry since nationalization in 1976.
 BP believes it can bring the field back into production soon, with output rising to as much as 20,000 barrels a day by 1997.
 BP Exploration Chief Executive John Browne described the agreement as, "A major step forward which offers us a golden opportunity to demonstrate our technical skills in one of the world's major oil producing nations."
 He said, "We have established a very good relationship with PDVSA, and there is a clear identity of interests between us. Today's agreement is a first step and I believe it will lead on to further and even more interesting opportunities in the months ahead."
 Notes to Editors:
 The Pedernales field is located 600 kilometers east of Caracas in the established oil province of Monagas. The field was discovered in 1933 and had original oil-in-place of over 500 million barrels, not all of which is recoverable. Pedernales was shut in at various periods during its history and had produced 58 million barrels by primary depletion from the northern flank of the field by the time production ceased in 1985.
 BP will conduct appraisal studies to determine the field's suitability for re-activation, using modern secondary recovery techniques, including a waterflood pilot test programme and long-term depletion tests. BP believes the field has the potential to produce 20,000 barrels a day by 1997.
 -0- 3/15/93
 /CONTACT: Ian Fowler of BP, 216-586-4976/


CO: BP ST: Ohio IN: OIL SU:

KK -- CL006 -- 6017 03/15/93 12:01 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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