Petroleos de Venezuela (PDVSA) said the Chaguaramal field, in the eastern Monagas state, contains light 32 degree API crude and 870 billion cubic feet of natural gas.
The OPEC nation, recovering from a crippling two-month oil strike started Dec. 2 by foes of President Hugo Chavez, announced in late March that two new oil finds holding nearly 1 billion barrels of crude had been discovered. Government officials said major international oil companies such as ExxonMobil (XOM.N) and Royal Dutch/Shell (RD.AS) (SHEL.L) had expressed an interest in developing the new oil fields.
Commentators say cuts in PDVSA's exploration and production budget due to losses accrued during the strike, as well as the loss of experienced personnel, may hinder the company's ability to develop the new oil fields alone.
More than 17,000 PDVSA workers were fired for participating in the strike, which temporarily cut off the oil sales of the world's No. 5 crude exporter.
