Positive drilling results at Venezuela's onshore block 2 in the Lago de Maracaibo basin have raised the prospect of new discoveries in the country's west, according to state oil firm PDVSA.

amid onshore ramp-up

By Charlotte Mackenzie - Monday, December 22, 2014

Positive drilling results at Venezuela's onshore block 2 in the Lago de Maracaibo basin have raised the prospect of new discoveries in the country's west, according to state oil firm PDVSA.

The forecast came after the company drilled well VLB 1624 in the B-5 LL818 field to a depth of 11,330ft (3,453m).

PDVSA said it delineated limits and used electric currents to analyze the presence of hydrocarbons.

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"The result represents significant progress in the exploration area because it opens up greater expectations in relation to the incorporation of new reserves in the west of the country," PDVSA said in a statement.

PDVSA's ramp-up comes despite a sharp fall in oil prices, which has prompted some analysts to predict a global downturn in upstream activity.

According to CIA World Factbook data, oil revenue accounts for about 96% of the country's export earnings, 45% of budget revenues and 12% of GDP.