OREANDA-NEWS. The first stratigraphic well has been spudded on the Junin-3 prospective hydrocarbon block in Venezuela. Thus, this event launched the second stage of the reserves estimation and certification program being carried out on one of the most promising oil blocks in Latin America.

The work is being carried out under the agreement between LUKOIL Overseas and CVP (a subdivision of PDVSA, the national oil and gas company) signed on October 12, 2005.

The size of the Junin-3 block, located in the Orinoco extra heavy oil belt in Eastern Venezuela, is 640 square kilometers. The stratigraphic well with designed depth of 1,370 meters is the first of 17 to be drilled on the block.

The purpose of drilling is to confirm the optimistic conclusions made by the joint group of specialists from LUKOIL Overseas and PDVSA during the first stage of the estimation and certification work.