South Monagas Unit (SMU)
Uracoa Field
The Uracoa Field, discovered in 1937, produced 3 million barrels of oil and 1 Bcf of natural gas before it was abandoned in 1987. During the OSA period, the Uracoa Field produced 93 million barrels of oil and 64 Bcf of natural gas (through April 1, 2006). Based on a reserve report compiled by an independent third party engineering firm, the Uracoa Field had gross remaining proved reserves as of December 31, 2008 of 60 million barrels of oil and 125 Bcf of natural gas, or 13 million barrels of oil and 27 Bcf of natural gas net to Harvest's 32 percent interest after a one-third royalty. The field currently produces oil and gas from 90 wells. The Uracoa production facilities have the capacity to handle 60 thousand barrels (MBbls) of oil per day, 130 MBbls of water per day and storage for 75 MBbls of crude oil. Harvest Vinccler constructed a 25-mile oil pipeline from its Uracoa processing facilities to a PDVSA storage facility and the custody transfer point In 2003, Harvest Vinccler constructed a 64-mile pipeline with a normal capacity of 70 million cubic feet (MMcf) per day and a design capacity of 90 MMcf of natural gas per day, a gas gathering system and gas treatment and compression facilities.
Tucupita Field
The Tucupita Field, discovered in 1945, produced 67 million barrels of oil before being abandoned in 1987. During the OSA period, the Tucupita field produced 18 million barrels of oil (through April 1, 2006). Based on a reserve report compiled by an independent third party engineering firm, the Tucupita Field had gross remaining proved reserves of 17 million barrels of oil as of December 31, 2008, or 3.6 million barrels of oil net to Harvest's 32 percent interest after a one-third royalty. The field currently produces oil from 15 wells. The production facilities at Tucupita have the capacity to process 30 MBbls of oil per day, 125 MBbls of water per day and storage capacity for 60 MBbls of oil. Oil produced from the Tucupita Field is transported through a 31-mile pipeline, which has capacity for 20 MBbls of oil per day, and delivered to the Uracoa plant facilities.
Bombal Field
The Bombal Field was discovered in 1962 and produced 3 million barrels of oil and 8 Bcf of natural gas before being abandoned in 1987. During the OSA period, the Bombal Field produced 2 million barrels of oil and 4 Bcf of natural gas. The field is currently inactive. Further development of the Bombal Field has been postponed to give priority to more profitable targets in the other fields. Based on a reserve report compiled by an independent third party engineering firm, the Bombal Field had gross remaining proved reserves of 12 million barrels of oil and 103 Bcf of natural gas as of December 31, 2008, or 2.5 million barrels of oil and 22 Bcf of natural gas net to Harvest's 32 percent interest after a one-third royalty.
The New Fields
The Isleño, Temblador and El Salto fields, transferred to Petrodelta upon conversion, are located in the same geographic area and have the same geology and productive formations as the SMU fields. There has been minimal development activity in the three fields during the last 20 years.
Isleño Field
The Isleño field was discovered in 1953 and has two discovered oil bearing structures with estimated unrisked probable and possible reserves of 46 million barrels of oil and 3.6 Bcf of natural gas, or 10 million barrels of oil and 0.8 Bcf of natural gas net to Harvest after a one-third royalty. The field is located approximately seven kilometers south of existing infrastructure in the Uracoa field. The Petrodelta business plan projects full development of the Isleño field.
Temblador Field
The Temblador field was discovered in 1936 and was partially developed over the next 20 years. Since its discovery and until its transfer to Petrodelta, Temblador produced 118 million barrels of oil and 64 billion cubic feet of natural gas from 155 wells. 3-D seismic information is available over the entire field, and estimated proved reserves are 13 million barrels of oil and 11 Bcf of natural gas, or 2.8 million barrels of oil and 2 Bcf of natural gas net to Harvest after a one-third royalty. The estimated additional unrisked probable and possible reserves of the field are 119 million barrels of oil and 68 Bcf of natural gas, or 25 million barrels of oil and 15 Bcf of natural gas net to Harvest after a one-third royalty. The field currently produces oil from 20 wells. Since its transfer to Petrodelta, the field has increased its production from approximately 1,200 barrels of oil per day to 9,400 barrels of oil per day in May 2009.
El Salto Field
The El Salto field was discovered in 1936. A total of 31 wells have been drilled, identifying nine productive structures and six productive formations. The field has produced fewer than 1 million barrels of oil and is currently dormant. Proved reserves for El Salto are 58 million barrels of oil and 15 Bcf of natural gas, or 12 million barrels of oil and 3 Bcf of natural gas net to Harvest after a one-third royalty. Estimated additional unrisked probable and possible reserves are 217 million barrels of oil and 144 Bcf of natural gas, or 46 million barrels of oil and 30 Bcf of natural gas net to Harvest after a one-third royalty. Petrodelta’s appraisal activity in this field started in May 2009. In addition, El Salto is expected to have substantial exploration upside from several fault blocks which have been identified on 2-D seismic but have not yet been confirmed through drilling.
