Benton Oil Doubles Daily Crude Output
Benton Oil & Gas Co., based in Oxnard, has doubled its daily crude output with the start of production by the company’s partner in eastern Venezuela.
Benton will receive half of the 2,100 barrels a day now being taken from four wells in the Uracoa field, bringing the company’s total daily production to about 2,200 barrels, according to Gregory S. Grabar, manager of corporate development.
Benton and its partner, Vinccier C. A., have been granted a contract by Venezuela’s national oil company to reactivate and develop three oil fields with estimated reserves of 78 million barrels.
The partnership’s plans for the rest of the year call for returning five more wells to production, drilling four new wells, and building a pipeline and permanent production facilities, Grabar said.
The combine is negotiating $15 million to $20 million in loans to finance continued development of the area, known as the South Monagas unit. Over the next seven years, the partners expect to invest as much as $75 million reactivating and drilling a total of about 80 wells.
Benton’s domestic operations are on Louisiana’s Gulf Coast. The firm is also active in the west Siberia region of Russia.
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