Challenge: To formulate a long-term
development plan to optimize recovery of 1.9 billion bbl of reserves in the
Dación basin in northeast Venezuela.
Solution: The plan utilized the extensive
Integrated Project Management (IPM) database of experience, lessons learned,
and best practices to improve reservoir understanding and enhance production,
drilling, and facility construction.
Results: Implementing the field development
plan increased production from 13,000 to 42,000 bbl/d in 3 years-more than
320%. In addition, the time needed to drill a well was cut from 15 to 5
days.