Maracaibo

Commentary

While changes to the regulatory regime have made the licencing process easier, overall it has remained laborious. More recently, however, the outlook has been lifted by a more risk/return based outlook from regulators

Updated

April 19, 2021

Location

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 leveraging modern technology.