HOUSTON, Oct. 22 (UPI) -- Houston-based Harvest Natural Resources Inc. announced it increased its Venezuelan reserves by 59 percent to more than 200 million barrels of oil equivalent.
Harvest announced an increase in reserves attributed to Petrodelta S.A., its 32-percent-owned affiliate in Venezuela.
The company said proven and possible reserves affiliated with Petrodelta's activity increased 59 percent from December to August to 211.1 million barrels of oil equivalent.
The increase was attributed to two appraisal wells in the El Salto field in eastern Venezuela, which the company said was largely undeveloped.
"We estimate that there may be approximately 980 drilling locations in El Salto alone, providing many years of growth potential," said Harvest President and Chief Executive Officer James Edmiston.
Harvest said around 80 percent of the proven reserves in El Salto are oil and condensate, of which 30 percent are developed.
Petrodelta, the Venezuelan subsidiary, operates six fields in the country. Drilling of appraisal wells in the El Salto field began in May 2009.
