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. From 1992 through April 2006, under the terms of an Operating Service Agreement, Harvest produced 93 million barrels of oil and 64 Bcf of natural gas from the field. As of December 31, 2010, the Uracoa field had gross remaining proved reserves of 44 million barrels of oil and 79 Bcf of natural gas, or 9.5 million barrels of oil and 17 Bcf of natural gas net to Harvest's 32 percent interest after a one-third royalty. The field currently produces about 10,000 BOPD and 7 MMCFD 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. Oil from the field is transported by pipeline to the EPT-1 production facility in the Temblador field, where is it delivered to PDVSA.
Tucupita Field
The Tucupita Field, discovered in 1945, produced 67 million barrels of oil before being abandoned in 1987. From 1992 through April 2006, under the terms of an Operating Service Agreement, Harvest produced 18 million barrels of oil from the field. As of December 31, 2010, the Tucupita Field had gross remaining proved reserves of 16 million barrels of oil as of December 31, 2008, or 3.4 million barrels of oil net to Harvest's 32 percent interest after a one-third royalty. The field currently produces about 2,000 BOPD 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. From 1992 through April 2006, under the terms of an Operating Service Agreement, Harvest produced 2 million barrels of oil and 4 Bcf of natural gas from the field. As of December 31, 2010, the Bombal field had gross remaining proved reserves of 12 million barrels of oil and 118 Bcf of natural gas as of December 31, 2008, or 2.5 million barrels of oil and 25 Bcf of natural gas net to Harvest's 32 percent interest after a one-third royalty. The field currently produces about 900 BOPD from four wells. Oil produced from the Bombal field is combined with Tucupita production and delivered by pipeline to the Uracoa facilities.
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 until Petrodelta assumed operatorship in 2008.
Isleño Field
The Isleño field was discovered in 1953 and with the drilling of seven wells has two discovered oil bearing structures with estimated unrisked 3P 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 first horizontal well, the ILM-8, was drilled by Petrodelta in March 2011 in the north Isleņo structure and was tested at a rate of 1,800 BOPD. With this successful test, plans are underway for full field development. A short pipeline connection to Uracoa field will allow Isleņo to be developed as a satellite to Uracoa.
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 in February 2008, Temblador produced 118 million barrels of oil and 64 billion cubic feet of natural gas from 155 wells. As of December 31, 2010, the Temblador field has estimated proved reserves of 15 million barrels of oil and 11 Bcf of natural gas, or 3.3 million barrels of oil and 2.3 Bcf of natural gas net to Harvest after a one-third royalty. The estimated unrisked 3P reserves of the field are 107 million barrels of oil and 75 Bcf of natural gas, or 23 million barrels of oil and 16 Bcf of natural gas net to Harvest after a one-third royalty. The field currently produces oil from 23 wells. Since its transfer to Petrodelta, the field has increased its production from approximately 1,200 barrels of oil per day to over 10,000 barrels of oil per day in 2011. Oil is delivered directly to the EPT-1 production facility.
El Salto Field
The El Salto field was discovered in 1936. Through 2005, a total of 31 wells were drilled that identified nine productive structures and six productive formations but which produced fewer than 1 million barrels of oil and were never developed. As of December 31, 2010, the El Salto field had proved reserves of 107 million barrels of oil and 27 Bcf of natural gas, or 23 million barrels of oil and 6 Bcf of natural gas net to Harvest after a one-third royalty. Total unrisked 3P reserves are 726 million barrels of oil and 181 Bcf of natural gas, or 155 million barrels of oil and 39 Bcf of natural gas net to Harvest after a one-third royalty. Petrodeltas began appraisal and development drilling in 2009, and now has four wells producing approximately 7,000 BOPD, which is being trucked to Uracoa for processing and delivery to PDVSA. Major infrastructure work is planned to allow full development of the El Salto field, including processing plants, tank storage, pipeline connections to PDVSAs Morichal facility and gas and water reinjection facilities. El Salto also has at least ten undrilled geologic structures identified by seismic which are expected to provide further additions to the total resource in the field.
