<h1>Carabobo-1 Oil Project,Venezuela</h1>
<p>Carabobo-1 Oil Project is an operating onshore oil project in Venezuela’s Orinoco Heavy Oil Belt,one of the world’s largest accumulations of extra-heavy crude oil. The project is developed by Petrocarabobo,a mixed company created to produce extra-heavy crude from the Carabobo-1 Norte and Carabobo-1 Centro blocks. Production began in 2012. The project is majority-owned by Petróleos de Venezuela SA (PDVSA) with 71%,and minority interests held by ONGC Videsh (11%),Repsol (11%),Indian Oil Corporation (3.5%),and Oil India (3.5%).</p>
<table>
<thead>
<tr><th>Item</th><th>Details</th></tr>
</thead>
<tbody>
<tr><td>Project Name</td><td>Carabobo-1 Oil Project</td></tr>
<tr><td>Country</td><td>Venezuela</td></tr>
<tr><td>Fuel Type</td><td>Oil</td></tr>
<tr><td>Production Type</td><td>Conventional</td></tr>
<tr><td>Status</td><td>Operating</td></tr>
<tr><td>Status Year</td><td>2019</td></tr>
<tr><td>Operator</td><td>Petrocarabobo</td></tr>
<tr><td>Owner(s)</td><td>ONGC Videsh Ltd [11%]; Indian Oil Corporation Ltd [3%]; Repsol SA [11%]; Petróleos de Venezuela SA [71%]; Oil India Ltd [3%]</td></tr>
<tr><td>Parent Company</td><td>Petróleos de Venezuela SA [71.0%]; Oil and Natural Gas Corporation Ltd [11.0%]; Repsol SA [11.0%]; Indian Oil Corporation Ltd [3.5%]; Oil India Ltd [3.5%]</td></tr>
<tr><td>Production Start Year</td><td>2012</td></tr>
<tr><td>Onshore/Offshore</td><td>Onshore</td></tr>
<tr><td>Block(s)</td><td>Carabobo-1 Norte and Carabobo-1 Centro</td></tr>
</tbody>
</table>
<p>The mixed-company structure was formalized in 2010 after the Carabobo-1 award. Repsol announced accelerated production beginning in December 2012,with an initial phase targeting 30,000 barrels per day and a second phase targeting 90,000 barrels per day. The original development plan also included a heavy-crude upgrader and a target of up to 400,000 barrels per day. Repsol stated in 2010 that the project would add an estimated 268 million barrels of net reserves over ten years. Current project-level production is not clearly available,but in 2024 Reuters reported that ONGC Videsh’s Venezuelan assets,including Carabobo-related interests,were producing about 12,000 to 15,000 barrels per day combined.</p>
<p>In August 2024,ONGC Videsh sought U.S. approval to operate two Venezuelan projects,including Carabobo-1,and was in talks with Repsol for joint operatorship. The project continues to be affected by sanctions,underinvestment,and operational constraints in Venezuela.</p>
<h2>Sources</h2>
<ul>
<li><a href="https://www.gem.wiki/Carabobo-1_Oil_Project_%28Venezuela%29">Global Energy Monitor,Carabobo-1 Oil Project (Venezuela)</a></li>
<li><a href="https://ongcvidesh.com/assets/latin-america/">ONGC Videsh,Latin America assets</a></li>
<li><a href="https://ongcvidesh.com/ongc-videsh-hosts-shareholders-meeting-of-project-petrocarabobo-venezuela/">ONGC Videsh,Shareholders Meeting of Project Petrocarabobo,Venezuela</a></li>
<li><a href="https://www.eoicaracas.gov.in/page/companies/">Embassy of India,Caracas,Indian companies in Venezuela</a></li>
<li><a href="https://www.pib.gov.in/newsite/erelcontent.aspx?relid=61825">Government of India Press Information Bureau,Carabobo-1 joint venture agreement</a></li>
<li><a href="https://www.repsol.com/content/dam/repsol-corporate/en_gb/sala-de-prensa/documentos-sala-de-prensa/Repsol_orinoco_ing_27122012_tcm14-30774.pdf">Repsol,Accelerated hydrocarbon production in the Carabobo field</a></li>
<li><a href="https://www.repsol.com/content/dam/repsol-corporate/en_gb/sala-de-prensa/documentos-sala-de-prensa/26-%20Borrador%20Firma%20Carabobo_ing_tcm14-32768.pdf">Repsol,Development agreement for the Carabobo field</a></li>
<li><a href="https://www.enerdata.net/publications/daily-energy-news/start-production-carabobo-oil-field-venezuela.html">Enerdata,Start of production at Carabobo oil field in Venezuela</a></li>
<li><a href="https://www.offshore-technology.com/projects/carabobo-oil-project/">Offshore Technology,Carabobo Oil Project</a></li>
<li><a href="https://www.bnamericas.com/en/company-profile/petrocarabobo-sa-petrocarabobo">BNamericas,PetroCarabobo S.A.</a></li>
<li><a href="https://www.reuters.com/business/energy/indias-ongc-seeks-us-approval-operate-two-projects-venezuela-2024-08-30/">Reuters,India’s ONGC seeks U.S. approval to operate two projects in Venezuela</a></li>
<li><a href="https://www.eia.gov/international/content/analysis/countries_long/Venezuela/background.htm">U.S. Energy Information Administration,Venezuela background</a></li>
<li><a href="https://www.bakerinstitute.org/sites/default/files/2020-02/import/fdi-monaldi-venezuela_uSQ8FHh.pdf">Baker Institute,The Collapse of the Venezuelan Oil Industry</a></li>
</ul>

IEPTC reference profile for Carabobo - 1 Oil in Venezuela,covering asset type,location,development status,and upstream industry context.

Carabobo - 1 Oil Project,Venezuela

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Carabobo - 1 Oil Project,Venezuela

Carabobo - 1 Oil Project,Venezuela

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