Maracaibo

Outline

Key Indicators

Rating

A+

Ranking

17

Outlook

Positive

Commentary

While changes to the Colombian regulatory regime have made the licencing process easier, overall it remains laborious; Venezuela is showing signs of hope, with the OFAC sanctions being lifted. The outlook for the basin as a whole continues to lift.

Updated

February 1, 2024

Outline

Region

Americas - South

Position

Onshore

Hydrocarbon

Gas

Location

Maracaibo

Description

The MCB has produced in excess of 30bn bbl, amking it one of the more sizeable global basins. Organic rich shales of the Upper Cretaceous La Luna Formation are the main petroleum source rock, and La Luna shales have reached adequate thermal maturity for both oil and gas generation in the majority of the basin. There has been two phases of petroleum generation and expulsion, and there remains significant prospectivity shales sequences and low-permeability sandstones.

Summary

The Basin has been extensively explored, although new discoveries continue to be made following the application of new exploration technologies.

Source: ESRI, BGS, USGS & OGA data

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